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BTC/USD outlook: Hits two-week low but bears face headwinds

BTC/USD outlook: Hits two-week low but bears face headwinds
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD fell to the lowest in two weeks on Friday, on acceleration that resulted in losses of over 3% during Asian / early European session.

Weakened sentiment sparked fresh wave of sales that pushed the price through pivotal supports at 115.7K zone (recent consolidation range floor / 20DMA).

Violation of these supports generates initial bearish signal which will need confirmation on daily close below these levels and expose next trigger at 116.7K zone (Fibo 38.2% of 98182/123261 upleg), loss of which to signal reversal.

Weakening daily studies (14-d momentum is entering negative territory) could contribute to this scenario.

On the other hand, current strong bounce from new low warns of potential false break lower (today’s close above range floor needed to confirm) would keep the price within existing range and sideline immediate downside risk.

Res: 117340; 118270; 120000; 121030.
Sup: 116150; 114710; 113680; 112000.

BITCOIN

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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