Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin extends steep ascend, benefiting from strong inflows to new US listed ETF, with over one trillion investment in bitcoin registered on Wednesday.
The price hit the highest in over two years in early Thursday’s trading, after 4.3% advance previous day closed well above psychological 50000 barrier, for the first time since mid-December 2021.
Gains in first two weeks of February already surpassed 23%, on track to register the second strong weekly advance and also heading towards the biggest monthly gains since October 2021.
Bulls hit new high at 52563 and focus next target at 53085 (Fibo 138.2% projection of the upleg from 38501), with stronger bullish acceleration to expose barriers at 55576 (Fibo 161.8% projection) and 56291 (Fibo 76.4% retracement of 68911/15434 downtrend).
Caution on strongly overbought conditions on daily chart, which may slow bulls for consolidation.
Broken psychological 50000 level and former top at 49054 (Jan 11) turned to solid supports which should ideally contain dips and guard rising daily Tenkan-sen (47658).
Res: 53085; 54330; 55000; 55576.
Sup: 51640; 50400; 50000; 49054.
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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