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BTC/USD outlook: Fresh bulls broke through 200-DMA which capped the action for two weeks

BTC/USD outlook: Fresh bulls broke through 200-DMA which capped the action for two weeks
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD 

BTCUSD regained traction on Monday and resumes bull-leg off 58850 (Oct 10 low) after two-day pause.

Fresh advance broke through 200DMA (63302) which capped the action in past two weeks, advancing around 3.5% during Asian and European session.

Bulls cracked Fibo barrier at 64691 (76.4% retracement of 66495/58850) and eye next pivot at 65424 (falling trendline, the upper boundary of larger triangle) which guards key near term barrier at 66495 (Sep 27 peak).

Ascending 14-d momentum broke into positive territory and MA’s turned to bullish setup, contributing to positive near-term outlook, although increased headwinds on approach to the trendline, cannot be ruled out, as stochastic is strongly overbought.

Daily close above 200DMA is seen as minimum requirement to keep fresh bulls in play, with limited dips to find ground above broken Fibo 61.8% (63575) and offer better buying opportunities.

Res: 64959; 65424; 65975; 66495.
Sup: 64000; 63575; 63302; 62673.

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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