BTC/USD outlook: Nears psychological 100K barrier as easing trade concerns continue to boost bullish sentiment
BTC/USD
Bitcoin keeps firm tone and nears psychological 100K barrier as the latest bull-leg off 93352 (May 6 trough) extends into third consecutive day and continues to accelerate.
Easing trade concerns on signals of US-China negotiations and announcement of US-UK trade agreement, injected fresh optimism in the markets and inflated Bitcoin price.
Bulls pressure 100K level, which naturally marks very significant barrier and is likely to produce strong headwinds to the latest rally.
Dips should be limited and mark positioning for further gains, in anticipated further de-escalation of trade tensions which would improve positive environment.
Broken Fibo 61.8% of 109582/74389 pullback, reinforced by ascending 10DMA, offer solid support which should ideally contain dips and provide better levels to re-enter bullish market, guarding lower pivots at 93600 zone (former higher base).
Immediate barriers above 100K lay at 101/101250 zone (upper 20-d Bollinger band / Fibo 76.4%) with stronger bullish acceleration to eye 102600 and 106.400, violation of which to unmask new record high (109582) and round-figure 110K resistance.
Res: 100000; 101000; 101250; 102600.
Sup: 97957; 96138; 93527; 91986.
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.
