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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.

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