TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: Bulls likely to take a breather following repeated failure at 200-DMA barrier

BTC/USD outlook: Bulls likely to take a breather following repeated failure at 200-DMA barrier
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD edged higher on Friday and hit new three week high, in attempts to extend 4.6% advance on Thursday.

Bitcoin received strong boost from Fed rate cut and underpinned by dovish shift in global rate view.

Technical picture is bullish on daily chart (multiple MA bull-crosses / 14-d momentum is in steep ascend), but bulls face headwinds from overbought conditions, which was presented through repeated failure to break pivotal 200DMA barrier at 63869.

The second consecutive daily close below 200DMA to confirm signal that bulls may take a breather for consolidation before resuming.

Dips are likely to be shallow, as overall picture is bullish and positive sentiment is strong.

Support at 61157 (100DMA) should ideally contain dips and guard lower pivots at 60000 zone (psychological / 10/55 DMA bull-cross) loss of which would sideline bulls.

Res: 63869; 64138; 64500; 65050.
Sup: 62607; 62103; 61928; 61156.

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.

More from Slobodan Drvenica
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.