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FxWirePro: BTC/USD bounces off 6000 support, break above 10-DMA to see minor bullishness

Mon, 13 Aug 2018, 07:29 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD is consolidating in a close range after it found support around 6000 levels over the weekend.

The pair is struggling to break above 6500 and is currently trading at 6418 levels at the time of writing (Bitstamp).

On the upside, a decisive break above 6563 (10-DMA) would see the pair testing 6639 (4h 55-EMA)/6730 (3h 90-EMA)/6782 (Cloud top). Further strength would test 6917 (50-DMA)/7000.

On the downside, support is seen at 6282 (1h 50-SMA) and any violation would see the pair testing 6000/5920 (February 6 low). Further weakness would drag it to 5780 (June 24 low).

Momentum Studies: On the daily chart, the pair is trading above 5-DMA, RSI is showing a turn from near oversold levels, and stochs are in the oversold region suggesting there could be minor pullbacks in the pair.

A break above 10-DMA could see minor bullishness in the pair and trend reversal could be confirmed on a decisive break above cloud.

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