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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.

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