FxWirePro: BTC/USD faces stiff cloud resistance, break below 5-DMA to see minor downside
Thu, 30 Aug 2018, 07:25 am UTC
(Refer BTC/USD chart on Trading View)
BTC/USD is trading in the red on Thursday as it faces key resistance at cloud bottom (Bitstamp).
The pair is currently trading at 6987 levels at the time of writing.
On the top side, the pair faces resistance at 7135 (cloud bottom) and a consistent break above would see it testing 7202 (110-EMA)/7300/7399 (1w 20-SMA)/7497 (61.8% retracement of 8496.96 and 5880).
On the downside, it has found support at 6941 (5-DMA) and a break below would target 6874 (1h 100-SMA)/6749 (10-DMA)/6649 (38.2% retracement of 5880 and 7125.28)/6500.
Technical indicators still support upward bias – RSI is above 50, MACD line above the signal line, and short-term moving averages are biased higher.
Some weakness could be seen on the intraday charts.
Watch out for a break below 5-DMA for minor downside in the pair.
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