• Sun, 26 May 2019, 11:02 PM
  • All times are UTC
  • Edition:
Link copied

FxWirePro: BTC/USD consolidates cloud breakout, good to go long on break above 1w 20-SMA

Tue, 04 Sep 2018, 07:38 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD has broken above Ichimoku cloud as it continues to recover from the lows of 5880 hit last month (Bitstamp).

The pair is currently trading at 7287 levels at the time of writing.

On the top side, the pair faces resistance at 7339 (1w 20-SMA) and a break above would see it testing 7497 (61.8% retracement of 8496.96 and 5880)/7550 (trend line joining 11688 and 8496.96)/7600/7696 (July 20 high).

On the down side, a break below 7205 (5-DMA) would drag the pair to 7135 (cloud top)/7061 (50-DMA)/7000. Further weakness would see it testing 6920 (21-EMA)/6831 (23.6% retracement of 5880 and 7125.88).

Bias appears bullish on the daily chart with RSI strong at 62, MACD line above the signal line, and stochs in overbought levels with no major sign of reversal. Intraday bias also appears bullish.

The pair faces stiff resistance at cloud bottom and further bullishness could be confirmed only on break above.

Recommendation: Good to go long on break above 1w 20-SMA. SL: 7050. TP: 7490/7550.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $8,628.25 (+7.08%)
  • Ethereum (ETH) $265.09 (+5.13%)
  • XRP (XRP) $0.405400 (+4.73%)
  • Bitcoin Cash (BCH) $430.98 (+6.03%)
  • Litecoin (LTC) $110.08 (+7.45%)
  • Bitcoin (BTC) $8,628.25 (+7.08%)
May 24, 2019 (Friday)
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
German engineering giant Bosch trials Ethereum blockchain
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
Bank of Russia to review proposal on gold-backed cryptocurrency
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
Robinhood Crypto is now in New York
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
California resident sued for alleged $26M crypto Ponzi scheme
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
Rep. Swalwell accepting bitcoin donations in bid for US presidency
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
Binance CEO CZ seeks compensation for reputational damage from Sequoia
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
Coinstar extends bitcoin buying service to 21 US states
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.