Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin keeps firm tone and holds near one-month high on Monday, after advancing 12.5% last week (the biggest weekly gains since mid-Oct 2021) however, narrower ranges in past three days suggest that bulls might be running out of steam on approach to key barrier at 49054 (Jan 11 peak, the highest since late Dec 2021).
Overbought conditions and fading bullish momentum on daily chart contribute to initial warning of stall and may spark partial profit-taking.
However, overall firm bullish stance (as 49054/38501 corrective phase has been almost fully retraced) suggests that dips should be limited and offer better levels to re-enter bullish market for sustained break of 49054 pivot and acceleration towards psychological 50000 barrier.
Broken Fibo 76.4% barrier (46564) reverted to solid support which should ideally contain corrective dips and keep larger bullish structure intact.
Res: 48828; 49054; 49500; 50000.
Sup: 47515; 46882; 46564; 45300.
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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