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FxWirePro: BTC/USD extends consolidation below 6500, further bullishness only on decisive break above

Thu, 23 Aug 2018, 07:15 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD failed to hold its strength above 6500 levels and closed in the red at 6355 levels on Wednesday.

The pair is currently trading at 6424 levels at the time of writing (Bitstamp).

On the top side, a decisive break above 6462 (20-SMA) would see the pair testing 6500/6579 (21-EMA)/ 6625 (1h cloud top). Further strength would target 6700/6793 (3h 200-SMA)/6879 (38.2% retracement of 8496.96 and 5880)/6930 (50-DMA)/7000.

On the downside, the pair is holding 4h cloud support at 6254 levels and any violation would drag it to 6200/ 6120 (June 13 low)/6000/5920 (February 6 low).

Bias appears neutral as the pair continues to drift sideways. On the daily chart, MACD line above the signal line and stochs biased higher, while RSI is below 50.

Recommendation: Wait for clear directional bias.

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