Aayush Jindal
Key Highlights
- Bitcoin price started a fresh increase and traded to a new all-time high above $75,000.
- BTC surpassed a major bearish trend line with resistance at $69,200 on the 4-hour chart.
- Gold prices dipped sharply below the $2,720 support zone.
- EUR/USD took a U-turn and traded below the 1.0760 support after Trump’s win.
Bitcoin Price Technical Analysis
Bitcoin price started a fresh increase above the $68,500 resistance zone. BTC/USD cleared the $70,000 and $70,500 levels to move into a positive zone.
Looking at the 4-hour chart, the price surpassed a major bearish trend line with resistance at $69,100. There was a sharp increase during the election result as Donald Trump was elected the 47th president of the United States.
The price even broke the $73,500 barrier and traded to a new record high above $75,000 before it started a consolidation phase. It settled above the $72,000 level, the 200 simple moving average (green, 4 hours), and the 100 simple moving average (red, 4 hours).
On the upside, the price could face resistance near the $75,000 level. The next key resistance is $75,500. A successful close above $75,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $76,800 level or even $78,000.
If not, there might be another downside correction. Immediate support is near the $73,200 level. The next key support sits at $72,500. A downside break below $72,500 might send Bitcoin toward the $71,120 support. Any more losses might send the price toward the $70,000 support zone.
Looking at EUR/USD, the pair saw a lot of bearish moves and the bears push it below the 1.0760 support.
Today’s Economic Releases
- BoE Interest Rate Decision - Forecast 4.75%, versus 5.0% previous.
- US Initial Jobless Claims - Forecast 221K, versus 216K previous.
