BTC/USD outlook: Bitcoins hits new record high above $94K, signals continuation of larger uptrend
BTC/USD
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration.
Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
As I mentioned in my previous comments, overall sentiment remains very positive and tends to strengthen further on expectations for more friendly environment for cryptocurrencies and particularly for the bitcoin, the world’s biggest and best known cryptocurrency.
Trump and his team pointed to enormous potential of bitcoin, which might be adopted as a fundamental part of national economic strategy.
This would open prospects for possible revolutionary movements in the crypto world in the future.
Fresh bullish acceleration needs close above former top (93500) to validate signal as bulls neared 95K barrier, one of the last obstacles en-route towards magical 100K barrier.
Bitcoin’s November action so far presents the biggest monthly gain in its history, with firm bullish bias seen above 90K support, though with increased headwinds to be expected from 100K resistance.
Res: 95000; 95648; 96000; 97000.
Sup: 94000; 93500; 91440; 90000.
Author
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.
