Slobodan Drvenica
Windsor Brokers
Bitcoin was the top winner in post-US election trading on Wednesday, advancing 9% in immediate reaction to Trump’s election victory.
Strong rally spiked to new record high (75411), before partial profit taking pushed the price to 72700, the bottom of consolidation range.
Larger bulls remain firmly in play as bitcoin received strong boost from Trump’s victory, as he was very supportive for the crypto market in his campaign.
Return above 74K zone (psychological / bull channel upper borderline) suggests that near term corrective phase is close to its end.
Close above channel resistance trendline to further strengthen bullish structure, as positive momentum remains strong, and MA’s are in full bullish configuration.
Broken channel resistance line (73900) reverted to initial support, followed by upper 20-d Bollinger band (72930) and consolidation range floor (72700), guarding key support and lower breakpoint at 70K (psychological).
Violation of recent record high to expose immediate targets at 76231; 77847 and 77850 (Fibo projection) ahead of round-figure 80K barrier.
Res: 75411; 76231; 77847; 77850
Sup: 73900; 72930; 72700; 72000
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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