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FxWirePro: BTC/USD tests 50-DMA resistance, bias bullish, good to go long on break above

Tue, 28 Aug 2018, 07:25 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD is trading just shy of 100-DMA at 6918 levels at the time of writing (Bitstamp).

The pair surged by over 4 percent to 6944 levels on Monday and is trading in a narrow range today.

On the top side, the pair faces immediate resistance at 6946 (50-DMA) and a consistent break above would target 7000/7069 (90-EMA). Further strength would see it testing 7135 (cloud bottom)/7200/7369 (1w 21-EMA)/7497 (61.8% retracement of 8496.96 and 5880).

On the downside, support is seen at 6789 (5-DMA) and a break below would see it testing 6692 (2h 50-SMA)/6604 (10-DMA). Further weakness would drag it to 6464 (20-DMA)/6272 (61.8% retracement of 5880 and 6906.81).

Bias appears bullish on the daily chart with RSI above 50, MACD line above the signal line, and stochs at overbought levels with major sign of reversal. In addition, 5-DMA and 10-DMA are also biased higher.

Intraday bias is also bullish. The pair is currently hovering around 4h 200-SMA and a decisive break above would see further upside.

Recommendation: Good to go long on break above 50-DMA. SL: 6600. TP: 7000/7060/7130.

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