BTCUSD – shallow correction likely to precede fresh push towards 70K barrier

BTCUSD – near term action is in red after another failure on approach psychological 70K barrier, but the move down looks so far as limited correction ahead of fresh push higher.

Long tails of today’s and Monday’s daily candles point to strong bids and contribute to scenario of shallow dips positioning for further gains (rising 10DMA / Fibo 23.6% of 58850/69527 upleg so far contained dips.

Bullish technical picture on daily chart (strong positive momentum / MA’s in bullish configuration) underpins the action, along with thickening and rising weekly Ichimoku cloud and keep focus on 70K pivot.

Overall bullish sentiment is boosted by growing market expectations of election victory of Donald Trump which would spark stronger upside acceleration towards new record highs, as many analysts see $100K as next target.

Res: 68000; 69521; 70000; 70149
Sup: 67000; 65967; 65445; 64138