Bitcoin $100K Warning: BTC/USD Testing Uptrend Resistance

Bitcoin has been pressing uptrend resistance into the 61.8% parallel for the past three weeks and we're looking for a reaction here. While the broader outlook remains constructive, the immediate advance may be vulnerable here near-term- Watch the weekly close.

Next topside objectives at 107,892 and 121,899-123,754

Initial support rests at the median-line (currently ~82,500) with broader bullish invalidation steady at the 2021 high / March high-close at 69,000-71,285.

Michael Boutros
Sr Technical Strategist with FOREX.com