BTC/USD outlook: Bitcoin hits series of new record highs on the way towards 90K target

BTC/USD

Bitcoin keeps firm tone and rose to new record high above 82K early Monday, after advancing almost 5% previous day, when psychological 80K barrier was taken out.

It received fresh boost from euphoria surrounding Trump’s election victory, following his campaign‘s crypto favoring promises.

Continuation of post-election rally after a brief consolidation signal that market digested the news which further firmed bullish stance.

Bulls are currently running on extended third wave of five-wave cycle from Sep 7 low (52563) which rose above FE 161.8% (81210), eyeing immediate target at 83228 (FE 176.4%), with further acceleration to bring in focus 86489 (FE 200%) and unmask psychological 90K barrier.

Meanwhile, corrective actions should be anticipated as daily studies are overbought and indicators turned sideways (including stretched 14-d momentum).

Dips are likely to be limited and provide better levels to re-join strong bullish market.

Broken 80K support (which contained today’s action) reverted to initial support, followed by rising 5DMA (78258) and broken resistance of larger bull-channel (75140), rising 10DMA (74170) and former top of Oct 29 (73615) where dips should find firmer ground.