BTCUSD hits the highest in almost four months following rally of over 20% in past three days

BTCUSD rallies for the third straight day (up over 20%), hitting the levels last traded in mid-May and on track for the biggest weekly gain since the first week of December 2017.

The rally was mainly driven by US Treasury support measures for long duration bonds, which may extend, according to the comments from officials, that resulted in the biggest money inflow into Bitcoin in almost four months.

Break above 200DMA (69636) and psychological 70K barriers generated strong bullish signals that contributed to the latest sharp acceleration higher, which so far retraced over 76.4% of 82821/57673 descend), opening way towards 80K and May 6 peak at 82821.

Meanwhile, corrective easing on partial profit taking at the end of the week / overbought daily studies, should be anticipated.

Dips should be limited and mark positioning for fresh push higher if fundamentals remain in current configuration, with broken Fibo 76.4% offering immediate support at 76886, while deeper pullback should find firm ground above broken Fibo 61.8% (73214) to keep fresh bulls in play.
Res: 79467; 80000; 82044; 82821
Sup: 76886; 74150; 73214; 70000