Copy link
Increase text size
Decrease text size
Link copied

FxWirePro: BTC/USD rangebound below 200-DMA, break above to see further upside

Tue, 31 Jul 2018, 07:31 am UTC

BTC/USD fell to 7853 levels on Monday before closing at 8160 levels (Bitstamp).

The pair is currently trading at 8125 levels as it tries to hold key support at 10-DMA.

On the topside, resistance is seen at 8336 (trend line joining 11688 and 8496.96) and a break above would target 8443 (200-DMA)/8500. Further strength would target 8590 (May 20 high)/8850 (113% extension of 5774.72 and 8496.96)/9000.

On the flipside, a violation of key support at 8053 (10-DMA) would drag the pair to 7866(3h 100-SMA)/7734 (4h 90-EMA). Further weakness would see it testing 7592 (100-DMA)/7459 (20-DMA).

Momentum Studies: Overall bias remains neutral as the pair extends consolidation. However, the formation of bullish flag pattern suggests scope for further upside on a decisive break above 200-DMA.

Recommendation: Good to go long on break above 200-DMA. SL: 7800. TP: 8500/8600.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $48,750.00 (+5.30%)
  • Ethereum (eth) $1,546.55 (+7.88%)
  • Cardano (ada) $1.22 (-3.65%)
  • Binance Coin (bnb) $246.03 (+11.28%)
  • Tether (usdt) $1.00 (-0.41%)
  • Bitcoin (btc) $48,750.00 (+5.30%)
Mar 2, 2021 (Tuesday)
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.
02:50
DOGE Is Now Supported At 1800 ATMs In 45 US States
02:30
Crypto Market Sentiment On Mar 02: Market In "Extreme Greed"
02:16
Curve Finance Launches V2 of Pool Factory
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft