BTCUSD accelerated higher on Monday (up over 4% in Asia / early Europe), extending Friday’s sharp rally (up 6%).
Bulls took a breather for a brief consolidation during the weekend, with initial bullish signal seen on Friday’s close above psychological 80K barrier, being boosted by break of next pivotal barriers at 82331 (Fibo 61.8% of 97572/57673 descend) and 82821 (former top of May 6).
Also, lift above 55WMA (81550) and former top (82821) signals the bottom of larger cycle and generates stronger reversal signal of entire 126299/57673 downtrend, with close above the latter to confirm the signal and shift focus to the upside.
Next key barriers lay at 89467 (100WMA) and 90K (psychological), with the action being underpinned by multiple DMA bull-crosses and strengthening positive momentum.
However, overbought daily studies warn that bulls may face headwinds, with potential dips to be ideally contained by former top (82821) reverted to solid support.
Res: 85500; 86320; 89467; 90000
Sup: 83888; 82821; 81550; 80000
, extending Friday’s sharp rally (up 6%).){kind=link}