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BTC/USD outlook: Surge through psychological 120K barrier opens way for stronger gains

BTC/USD outlook: Surge through psychological 120K barrier opens way for stronger gains
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD broke through psychological 120K barrier in early Monday trading and hit new record high above 123K.

Fresh acceleration higher, which started last week, was fueled by increased demand on growing global uncertainty, with institutional buying being the main driver.

The US House of Representatives will start today debate on a number of bills to create a long awaited regulatory framework that would further boost demand.

Bitcoin started the week with strong gains after advancing nearly 10% last week that signaled start of new bull-phase after multi-month correction from previous record high (109582).

Daily close above 120K to validate fresh bullish signal, as the price cracked initial target at 123023 (Fibo 123.6% projection of the rally from 74389) that unmasks next targets at 130K (psychological) and 131331 (Fibo 161.8% projection).

Broken 120K level reverted to initial support which should ideally hold, with deeper dips to find ground above daily higher base at 117K zone.

Res: 123260; 127100; 130000; 131330.
Sup: 122000; 121260; 120000; 118900.

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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