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BTCUSD tests the 80K level again as bulls seek confirmation
Technical analysis points to overbought daily conditions and potential consolidation if BTC fails to hold above the 80K resistance zone.
BTCUSD is again challenging the 80K psychological barrier, after Tuesday saw a strong upside rejection from that level, leaving a red daily candle with a long upper shadow. Action Forex said the initial negative signal was partially offset by a subsequent bounce, but bulls are looking for confirmation through a firmer break above 80K resistance.
The outlet attributed continued support to growing US fiscal concerns, while also warning that the 80K area could bring more headwinds. It cited strongly overbought daily RSI and stretched 14 day momentum, factors that could lead to prolonged consolidation with limited dips if repeated failures persist at the 80K zone.
Downside, Action Forex highlighted a key level tied to Fibo support, saying protection should hold above the broken 76.4% retracement of 82821/57673, at 76886, to keep larger bullish conditions intact. It added that if 80K ultimately breaks, targets around 82562 and 82821 could come into focus, referencing Fibo 61.8% of 97946/57673.
The analysis also framed the broader setup as bullish on the daily timeframe, but contingent on follow-through from the 80K resistance test.
ActionForex.com was set up in 2004 to provide analysis for forex traders and its trading community.