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BTC/USD outlook: Bulls hold grip, but risk of profit-taking after ETF approval exists

BTC/USD outlook: Bulls hold grip, but risk of profit-taking after ETF approval exists
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin regained traction after a shallow pullback and jumped near new multi-month high (47934, posted last Tuesday) after receiving fresh boost from eventual approval of spot bitcoin exchange-traded funds.

Technical picture on daily chart is bullish and the sentiment is positive, setting scope for push through 48000 and acceleration towards target at 48484 (Fibo 61.8% retracement of 68911/15437, 2021/2022 fall).

Caution of possible ‘buy the rumors -sell the facts’ scenario, as investors may take profits after expectations of ETF approvals already inflated the price.

Rising 10DMA offers first support at 44982, followed by 20DMA at 43974, with deeper dip expected find ground above 42300/42000 zone to keep larger bulls in play and guard pivotal supports at 40000 zone (recent range floor / psychological).

Res: 47711; 47934; 48197; 48484.
Sup: 45596; 44982; 43974; 43179.

BTCUSD

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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