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BTC/USD outlook: Tumbles but expected to keep overall bullish structure while above 100K

BTC/USD outlook: Tumbles but expected to keep overall bullish structure while above 100K
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD accelerated lower on Monday, with 5K drop seen on quick pullback from sessions spike high to 107K zone.

Bitcoin reacted negatively to US rating downgrade and the price fell to the lower side of recent congestion (101K/107K) where it has been established after bulls faced strong headwinds on approach to new record high, but bids remained strong and limited dips.

Broader bullish bias is expected to remain while the price stays above psychological 100K level (reverted to solid support) and will keep in play hopes for renewed attacks at new all-time high and nearby psychological 110K barrier.

Daily studies remain bullish, despite violation of initial 10DMA support (103600) and contribute to expectations of prolonged consolidation (needs to hold above 100K) preceding fresh push higher.

Alternative scenario sees violation of 100K trigger as initial signal of deeper correction of 74389/107204 upleg.

Res: 105832; 107204; 109582; 110000.
Sup: 101388; 100000; 99460; 97681.

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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