Slobodan Drvenica
Windsor 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.
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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