BTC/USD outlook: Fresh rally signals that correction from new record high might be over
Bitcoin
Bitcoin hit the highest levels since early March on Wednesday, following strong acceleration higher which extended into third consecutive day.
Fresh rally signaled continuation of recovery phase from 74389 (2025 low) which paused for narrow consolidation in past more than one week.
Technical picture on daily chart turned to full bullish mode as fresh gains surged through falling daily cloud (spanned between 85574 and 88383), broke through 90K barrier (former key support, to retrace over 50% of correction from new record high (109582) to 74389.
Bulls pressure former double-top (95022 / 94875) and eye Fibo 61.8% barrier at 96138 but may take a breather before attacking these levels as overbought daily studies and fading bullish momentum warn.
Solid supports lay at 91986 (broken Fibo 50%) and 90926 (100DMA), with extended dips to find firm ground above 90K level, to keep fresh bulls in play.
Res: 94543; 95022; 96138; 96825.
Sup: 92809; 91986; 90926; 90000.
Author
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.
