BTCUSD – steep pullback from new record high extends into third straight day and accelerated after loss of psychological 100K support.
Completion of Evening Doji Star reversal pattern on daily chart added to downside prospects, prompting stronger profit-taking that pushed the price to 94K zone in European session trading on Friday.
Bitcoin is on track for the first weekly loss in two months, with long upper shadow on large bearish weekly candle, signaling growing offers after larger bulls were strongly rejected on approach to next significant barrier at 110K.
Another potential negative signal will be on failure to register the second consecutive weekly close above 100K and validate signal of sustained break, that may open way for further easing.
Developments on weekly chart, where 14-w momentum is in steep decline from the recent multi-month peaks and RSI is emerging from oversold territory, support the notion.
Extended dips should find firm ground at 90K zone (round-figure / 55DMA) to keep larger bulls in play for fresh push higher, as overall picture is bullish, and supportive fundamentals continue to boost bullish sentiment.
Only firm break below 90K trigger would sideline larger bulls and signal deeper correction.
Res: 95500; 98560; 100000; 101240
Sup: 93000; 92150; 90000; 88685
