Bitcoin’s still on track to reach $100,000Rather than retracing after the clear result of the American presidential election or after 11 November’s strong gain, bitcoin has continued upward amid high volume. The next obvious target is $100,000, which is likely to be a key resistance.
Here the Fibonacci extensions are vaguer areas than usual due to the large movements they’re based on. The first weekly extension, 61.8%, appears slightly below $87,000, but this is drawn based on weekly opening and closing; basing it on intraday or closing lows from January 2023 and equivalent highs from March 2024 could yield different placements between $85,000 and about $92,000. That makes the task of finding an appropriate stop as a new buyer here much more difficult.
The price is extremely strongly overbought based on the slow stochastic and Bollinger Bands, but this is a pretty normal situation for a cryptocurrency in a clear bull run. This phase of the uptrend isn’t very mature yet, so the 100 SMA is still in the process of golden crossing the 200.
$72,000 is the only clear potential support at the moment, but it’s quite a long way down to reach there especially with such feverish enthusiasm among many buyers. Equally, that area offered minimal resistance in the aftermath of the elections. Overall, the utility of the chart and indicators in the situation is questionable when sentiment is so strong.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
