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BTC/USD outlook: Bitcoin surges to two-week high on Monday

BTC/USD outlook: Bitcoin surges to two-week high on Monday
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD surged almost 5% in early Monday’s trading and traded above 63K barrier for the first time in two weeks.
Fresh rally extends into third straight day and accelerated higher after weekend’s assassination attempt added to hopes for Trump’s victory and boosted demand for bitcoin.

Strong bullish signal was generated on Sunday’s break and close above important barriers at 59073 and 60000 (200DMA / psychological) with extension above 50% retracement of 71929/53142 (62535) to confirm the signal.

Daily technical studies are improving (north-heading 14-d momentum attempts to break into positive territory / 5/200DMA golden-cross).

Bulls are pressuring immediate target at 63773 (July 1 lower top) but may face increased headwinds on approach to the base of thick daily cloud (64180).

Shallow dips in persisting favorable fundamentals should offer better buying opportunities for push into daily cloud and extension towards next targets at 64393 and 64752 (converged 55/100DMA’s / Fibo 61.8%).

Extended dips should be contained above broken Fibo 38.2% (60319) to keep bulls in play, while return and close below 60000 will be bearish.

Res: 63773; 64180; 64752; 65000.
Sup: 62000; 61063; 60319; 60000.

Chart

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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