fxs_header_sponsor_anchor

BTC/USD outlook: Bitcoin price continues to rise, but do not ignore strong signals of correction

BTC/USD

Bitcoin regained traction early Wednesday and rose to new record high, after bulls took a brief breather previous day.

Demand remains very strong on huge inflows into recently approved ETF’s, which continues to inflate the price (bitcoin was up around 180% since September).

Sustained break above $70000 level further strengthen the structure for attack at initial target at $74767 (FE 300% of the third wave from $24129 (Aug low), guarding psychological barrier at $80000 and $81531 (Fibo 123.6% projection of the rally from $15437, 2022 low).

Caution on strongly overbought daily studies and diverging momentum indicator which point to growing risk of correction.

Res: 74767; 75561; 76200; 80000.
Sup: 73000; 70650; 70000; 68750.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.