Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin is trading in a quiet mode on Wednesday, after rally in past two days faced headwinds from the base of thick daily cloud (1752), reinforced by Fibo 61.8% of 1863/1620 bear-leg.
Overbought conditions on daily chart also contribute to current conditions, although near-term bias remains with bulls, as positive momentum is still strong and DMA’s (10/20/30) are in bullish configuration.
Bullish scenario requires firm penetration into daily cloud which would bring in focus next key barrier at 1836 (cloud top/Dec 14 high/50% retracement of 2128/1548 fall) and signal bullish continuation of recovery from 2022 low (1548).
Repeated failure under daily cloud would increase downside risk, but near-term structure should keep positive stance above rising 10DMA (1689) which today formed a bullish cross with 20DMA).
Res: 1752; 1770; 1810; 1838.
Sup: 1714; 1689; 1630; 1620.
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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