TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: Shallow correction likely to precede fresh push towards 70K barrier

BTC/USD outlook: Shallow correction likely to precede fresh push towards 70K barrier
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTCUSD – near term action is in red after another failure on approach psychological 70K barrier, but the move down looks so far as limited correction ahead of fresh push higher.

Long tails of today’s and Monday’s daily candles point to strong bids and contribute to scenario of shallow dips positioning for further gains (rising 10DMA / Fibo 23.6% of 58850/69527 upleg so far contained dips.

Bullish technical picture on daily chart (strong positive momentum / MA’s in bullish configuration) underpins the action, along with thickening and rising weekly Ichimoku cloud and keep focus on 70K pivot.

Overall bullish sentiment is boosted by growing market expectations of election victory of Donald Trump which would spark stronger upside acceleration towards new record highs, as many analysts see $100K as next target.

Res: 68000; 69521; 70000; 70149

Sup: 67000; 65967; 65445; 64138

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.

More from Slobodan Drvenica
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.