BTCUSD attacks the 80K psychological barrier again after Tuesday’s strong upside rejection at this zone left red daily candle with long upper shadow – initial negative signal, which was partially offset by subsequent bounce, but fresh positive developments still look for confirmation (on firm break through 80K resistance).
Bitcoin remains supported by growing US fiscal concerns, but bulls may face more headwinds at 80K zone, due to strongly overbought daily RSI and stretched 14-d momentum.
This may result in prolonged consolidation with limited dips (in case of repeated failure at 80K) as firmly bullish daily studies continue to underpin the action.
The downside should be protected by broken Fibo 76.4% of 82821/57673 (76886) to keep larger bulls intact, with eventual break of 80K to expose targets at 82562/82821 (Fibo 61.8% of 97946/57673 descend /May 6 top).
Res: 80000; 81253; 82562; 82821
Sup: 77583; 76886; 75348; 74137
SOURCE LINK : BTCUSD – Bulls Hold Grip and Maintain Strong Pressure at Psychological 80K Barrier
