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BTC/USD outlook: Slight bullish bias above daily cloud, but stronger direction signals still needed

BTC/USD outlook: Slight bullish bias above daily cloud, but stronger direction signals still needed
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin is consolidating in early Tuesday, after advancing 2.8% on Monday and remains constructive as the latest jump has generated positive signal on a marginal close above important barriers at $66144 (50% retracement of $72750/$59538) and $66330 (top of ascending daily Ichimoku cloud).

Geopolitics and broader financial market sentiment remain bitcoin’s main driver, with conflicting studies on daily chart (14-d momentum remains in negative territory / MA’s are in mixed setup, but daily cloud underpins, and near-term bias is expected to remain with bulls while the price stays above the cloud.

However, stronger signals can be expected on sustained break above Fibo 61.8% barrier at $67700 (bullish) or fall below 10DMA at $64039 (bearish).

Res: 67700; 68000; 68325; 69632.
Sup: 66144; 64585; 64039; 62656.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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