Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin keeps firm tone and trading just under new highest in over three years on Thursday, as steep rally extends into fourth straight day.
Bitcoin was a top market performer in past few sessions, advancing about 36% since Monday, after large purchases by big names strongly fueled demand.
Fresh bullish signal was generated on Wednesday’s close above psychological 60000 barrier, with strength of the latest rally presented by the time required to rise from one to the other round figure.
It took only 2.5 weeks to rise from 50000 to 60000, compared to 11-week rally from 40000 to 50000, with nearly 50% advance in February, marking the record monthly gain.
However, we started to see initial signs that bulls may soon start running out of steam, as studies on all larger timeframes are strongly overbought and many market speculators may decide to collect profits after a massive rally this week.
Wednesday’s bullish daily candle with long upper shadow (shape not seen for quite some time) signals that sellers started to appear, although subsequent advance on Thursday partially offsets the signal, but initial warning should not be completely ignored.
Applying one of key market rules that whatever goes up, will at one point turn down, we can assume that at least mild correction should be expected in the near future, before final attempt to retest coin’s record high at 68911 (November 2021).
Res: 64227; 64821; 66907; 68911.
Sup: 60558; 60000; 57350; 55728.
-638448048876901915.png)
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.
Recommended Content
Editors’ Picks
XRP eyes $0.6640 as Ripple CEO tips Trump to fire Gensler on first day in office
Ripple's XRP is up over 5% on Wednesday and could extend its rally to $0.6640 as the Securities & Exchange Commission may not file its appeal brief against the company due to Donald Trump's presidential election victory.
What's next for Bitcoin and Crypto industry following Trump's victory in US Presidential election
The 2024 US presidential election ended with pro-crypto advocates leading the House of Representatives, the Senate, and Donald Trump as the president-elect. The results stirred massive celebration across the crypto industry, with Bitcoin and the crypto market rallying following Trump's win.
Crypto Today: All Bitcoin holders in profit, TRON partners with Chainlink, DOGE miners in $145M buying spree
Bitcoin price reached a new all-time high of $75,120 on November 6 as markets reacted to Donald Trump’s victory in the 2024 US presidential election. The global cryptocurrency sector valuation grew by $190 billion within the daily time frame as bullish momentum spilled over into the altcoin market.
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory
Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.