Copy link
Increase text size
Decrease text size
Link copied

FxWirePro: BTC/USD holds 50-DMA support, good to go short on break below

Tue, 07 Aug 2018, 07:46 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD plunged to 6835 levels on Monday before closing just above 50-DMA at 6936 levels (Bitstamp).

The pair is currently trading at 7033 levels at the time of writing.

On the topside, a decisive break above 7096 (Cloud top) would target 7131 (1h 100-SMA)/7266 (55-EMA). Further strength would target 7316 (2h 90-EMA)/7469 (10-DMA).

On the downside, the pair is holding support at 6937 (50-DMA) and any violation would drag it to 6835 (August 6 low)/6737 (lower bollinger). Further weakness would see it testing 6666 (trend line joining 5774.72 and 6072)/6500.

Momentum Studies: Technical indicators remain bearish on the daily chart – RSI is below 50, MACD line is below the signal line and stochs in oversold zone. The pair is consolidating in a narrow range on the intraday charts.

Recommendation: Good to go short on break below 50-DMA. SL: 7500. TP: 6840/6740

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $49,295.00 (+4.42%)
  • Ethereum (eth) $1,564.70 (+6.46%)
  • Cardano (ada) $1.24 (-4.98%)
  • Binance Coin (bnb) $253.61 (+10.31%)
  • Tether (usdt) $1.00 (+0.19%)
  • Bitcoin (btc) $49,295.00 (+4.42%)
Mar 2, 2021 (Tuesday)
08:26
Blockchain Sports Firm Chiliz To Invest $50 Million In U.S Expansion
08:23
OKEx To Resume Deposit And Withdrawal Of ARK
08:09
Polygon: “Matic Wallet” App On Play Store Is Fake
06:37
Theta Network tweeted, "Theta Mainnet 3.0 is coming April 21st!"
06:33
Crypto Artwork NFT By Pak Sold For 111 ETH
06:28
MoneyGram Faces Lawsuit Over Alleged False Statements Regarding XRP
06:27
Origin Protocol Is Expect To Process Fund Withdrawal On March 3
06:17
Integrated Ventures Completes Purchase Of 600 Avalon Miners Manufactured By Canaan
06:15
NFTX To Enable NFT Swap
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:02
Effective Hashrate Of Filecoin's Entire Network Marks 2.889 EiB
04:23
BTC Contracts See Shorts Accounting For 51.67% In The Past 4 Hours
03:58
BadgerDAO Integrates With RenVM
03:54
FTX users now are able to deposit USD via a PayPal account.
03:52
Wing Finance Introduces PolkaPet — Wing
03:25
BM: IBC Tech Completed Mostly
03:22
CoinNess Market Surveillance Mar. 2: BTC Rises To $49000 Level
03:14
Hurun Global Rich List: Coinbase CEO Pulls Ahead Of Other Blockchain Practitioner
02:51
Polkastarter announces that DFG now becomes one of members of the Polkastarter governance committee.
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft