Slobodan Drvenica
Windsor Brokers
Bitcoin surged almost 5% on Monday and rose to the highest since March 14, after fresh bulls cleared psychological $70000 level and Fibo barrier at $70735 (76.4% retracement of $73839/$60688 correction).
New record high ($73839) came to focus again after Monday’s rally peaked at $72750, adding to growing signals of an end of corrective phase.
Close above former lower platform at $71500 zone to confirm strong bullish stance, though near-term action is expected to remain biased higher as long as the price stays above $70000, which became support again.
Fundamentals continue to work in favor of Bitcoin, as timing of rate cuts by major central banks is still unclear and depending on a number of factors and geopolitical outlook is deteriorating.
Eventual break of $73839 pivot to bring bulls fully in play and open way for acceleration towards $75000 zone.
Res: 70000; 70735; 71000 72406
Sup: 70735; 70000; 68815; 67264
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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