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BTC/USD outlook: Rises to six-week high on improved fundamentals

BTC/USD outlook: Rises to six-week high on improved fundamentals
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD accelerated higher on Monday (up 2.8% until early US trading) supported by dovish stance of most of major central banks and comments from Republican presidential candidate Donald Trump, who promised friendlier regulation to t5he crypto industry.

Fresh strength cracked psychological 70K barrier for the first time in 1 ½ month, but likely to face increased headwinds here, as studies are overbought, and bullish momentum is fading on daily chart.

Limited dips should be ideally contained above 68500 support zone to keep larger bulls intact and offer better levels to re-enter bullish market.

Firm break of 70K trigger to expose key barriers at 71930 (May 21/June 6 double top).

Caution on dip below 67495 (broken Fibo 76.4%) which would expose lower pivot at 66713 (daily Tenkan-sen).

Res: 70000; 70445; 71000; 71649.
Sup: 68500; 67788; 67495; 66713.

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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