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BTC/USD outlook: Bulls pause after cracking important barriers

BTC/USD outlook: Bulls pause after cracking important barriers
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin price edged lower after the acceleration in past three days broke above Fibo level at 74375 (38.2% of 97946/59805) and cracked strong barriers at 74575/74775 (daily cloud top / 100DMA).

Fresh optimism about solution for the Middle East conflict revived risk appetite and underpinned bitcoin, with predominantly bullish daily studies (strong positive momentum / multiple DMA bull-crosses) contributing to bullish near-term outlook.

On the other hand, the price hits again the top of multi-week range (76K zone) where bulls may face increased headwinds (after strong rejection here in mid-March), with further warning from daily Stochastic bearish divergence.

Potential dips should find firm ground above rising 10DMA (72796) and daily cloud base (70651) to mark healthy correction and keep broader bulls in play for attempts to clearly break of range top that would unmask targets at 78875 (50% retracement) and 80000 (psychological).

Res: 75457; 76111; 78875; 80000.
Sup: 73581; 72796; 70486; 70000.

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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