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BTC/USD outlook: Strong bounce retraces over 50% of last week's 12% drop

BTC/USD outlook: Strong bounce retraces over 50% of last week's 12% drop
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin extends strong bounce from new multi-week low ($60227), recovering over 50% of last Fri/Sat almost 12% fall and sidelining downside threats for now.

Fresh rally emerged above thick daily cloud, with close above cloud top ($64710) seen as initial bullish signal and minimum requirement to keep near-term action biased higher, however more work at the upside will be needed as technical studies on daily chart are mixed and lack clear direction signal.

Sustained break above $68000 zone to confirm reversal and push the price in the upper part of recent $73839/$60277 range), for attack at next pivotal barriers ($70000 / $71300).

Conversely, returning and closing within daily cloud would weaken near-term structure and increase pressure.

Res: 67757; 68000; 68325; 69795.
Sup: 65201; 64710; 63183; 61707.

BTCUSD

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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