📈 Bitcoin Recovery Gains Traction as Global Trade Sentiment Improves

BTCUSD has gone up for the fourth day in a row, continuing to rebound from last week's double rejection just above the psychological level of 100K.

Bitcoin got a new lift from a revived desire for risk. Markets are feeling better now that US-China trade negotiations have started and are expecting a good conclusion, which keeps the optimistic mood going.

The pair was up more than 1.5% till the early US session on Monday, reaching almost 61.8% of the retreat from the new all-time high (112017) to the corrective low (100378). This makes the near-term picture seem even better.

The daily MA is back to a complete bullish setup, with the daily cloud becoming thicker and higher, which is still supporting the movement. However, there is a caution from the overbought stochastic and 14-day momentum, which are still just below the centerline.

To maintain new bulls ready to assault the 109270 (Fibo 76.4%) and psychological 110K targets in extension, the daily close must be above the broken Fibo 50% and daily Kijun-sen (106198).

Res: 108966; 109297; 110000; 110802


Sup: 106572; 106198; 104854; 103162

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