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BTC/USD outlook: Bulls hold grip but may pause for consolidation before attack at 70K barrier

BTC/USD outlook: Bulls hold grip but may pause for consolidation before attack at 70K barrier
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD is ranging around Fibo level at 67495 (76.4% of 71929/53142) on Monday, suggesting that strong bullish acceleration in past three days, which hit five-week high, might be losing traction.

Stretched daily indicators, with bearish divergence on overbought stochastic, warning that bulls may pause for consolidation / shallow correction, before larger uptrend resumes.

Bitcoin remains supported by US political situation, as well as growing signals of Fed rate cut (September is the earliest expected), adding to idea of limited dips as positioning for fresh acceleration and attack at psychological 70K barrier, as initial target.

Rising 5DMA offer immediate support at 66673, followed by Friday’s spike low at 65795 and top of daily Ichimoku cloud (65107) which should contain dips and keep larger bulls intact.

Res: 67495; 68495; 69000; 70000.
Sup: 66673; 65795; 65107; 64752.

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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