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.
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