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FxWirePro: BTC/USD reclaims 7k handle, bias bullish, stay long

Wed, 29 Aug 2018, 08:14 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD surged to a three-week high at 7125 levels on Tuesday, pausing its uptrend just shy of cloud resistance (Bitstamp).

The pair is currently trading at 7062 levels at the time of writing.

On the top side, the pair now faces key resistance at 7135 (cloud bottom) and a consistent break above would see it testing 7206 (110-EMA)/7300/7383 (1w 21-EMA)/7497 (61.8% retracement of 8496.96 and 5880).

On the downside, support is seen at 6894 (5-DMA) and any violation would drag it to 6795 (1h 100-SMA)/6678 (10-DMA)/6582 (3h 100-SMA)/6500.

Technical indicators are bullish on the daily chart with RSI above 50, MACD line above the signal line, 5- and 10-DMA are biased higher, and stochs at overbought levels with major sign of reversal. That said, we could see some consolidation around current levels as the pair faces key resistance at cloud bottom.

Call Update: We recommended going long in our previous call. The pair has almost hit TP3.

Recommendation: Book partial profits, stay long. Trail SL to 6800. TP: 7200/7300.

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