FxWirePro: BTC/USD hovers around 5-DMA, consistent break above 1h 100-SMA to see minor upside
Mon, 10 Sep 2018, 07:38 am UTC
(Refer BTC/USD chart on Trading View)
BTC/USD managed to close above 78.6% fib retracement of 5880 and 7125.28 on September 9 after it fell to 6094.
It is currently hovering around 5-DMA at 6324 at the time of writing (Bitstamp).
The pair’s upside is currently capped by 6367 (1h 100-SMA) and a consistent break above would see it testing 6405 (23.6% retracement of 7411.85 and 6094.38)/6500. Further strength would target 6591 (2h 90-EMA)/6740 (10-DMA).
On the downside, support is seen at 6207 (78.6% retracement of 5880 and 7125.28) and any violation would target 6158 (trend line joining 5774.72 and 5995.75)/6094 (September 9 low). Further weakness would drag it to 6000/5920 (February 6 low).
Technical indicators are bearish on the daily chart and intraday charts.
Watch out for a break above 1h 100-SMA for minor upside in the pair.
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