Bottom line: Bitcoin bullish structure remains intact until prices stay above 3850 lows in the long term. After having produced a brief correction, it seems to have find support around 6757 and bulls should remain poised to break higher towards 9000 and 10500 levels.
Fundamental Outlook:
Dow Jones along with SPX500 and NASDAQ had slipped by over 2% yesterday and closed just around 23000 mark. The historic drop in Oil prices on Monday had fueled the slide in indices globally. Meanwhile, another stimulus of over $484 billion has been announced by Fed yesterday. It remains to be seen if this could help boost investor/trader sentiment. Dow is seen trading around 23170 at this point and a push above 24400 could test 25300.
Oil prices continue to slide with Brent Crude dropping over 24% yesterday and closing below $20/barrel. The unscheduled OPEC+ meeting held yesterday remained inconclusive of further measures, as U.S remains committed to check further slide. Brent trades 16.00% lower at this point around $16.54/barrel.
Technical Analysis:
Bitcoin continues to print higher highs and higher lows since 3850 lows print on March 13, 2020. Yet again, the crypto seems to have carved a higher low around 6757 and it is expected to break above interim resistance around 7500 levels in the next few trading sessions.
Immediate resistance is seen just above the 9000 mark, followed by 10500, while support comes in around 6500, followed by 5686 respectively. A break above 7500 will accelerate towards 9000 and 10500 as bulls remain in control. Alternately, a break below 6500 would test 6000 levels again, before resuming rally. High probability remains for a push higher though.
Structurally, Bitcoin remains bullish against 3850 levels as most traders might be willing to commit long positions around current levels (6900), with protective stops below 5500 and potential target towards 9000 and 10500 in the short term.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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