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FxWirePro: BTC/USD trades higher, good to go long on break above 21-EMA

Fri, 14 Sep 2018, 07:41 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD continues to trade in the green on Friday and holding its strength well above the 6500 mark.

The pair surged nearly 2 percent to 6564 at the time of writing (Bitstamp)

On the upside, a consistent break above 6600 (21-EMA) would see the pair testing 6715 (Cloud bottom)/ 6811 (50-DMA). Further strength would target 6908 (61.8% retracement of 7411.85 and 6094.38)/7000.

On the other hand, the pair is likely to find support at 6495 (21-EMA) and any violation would drag it to 6394 (5-DMA)/6300. Further weakness would test 6207 (78.6% retracement of 5880 and 7125.28)/6094 (September 9 low).

Bias appears to be turning bullish on the daily chart as stochs are rolling over from the oversold zone, RSI is at 48 with an upward bias and 5-DMA is biased higher. Intraday bias is also bullish.

Recommendation: Good to go long on a break above 21-EMA. SL: 6390. TP: 6700/6800.

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  • Bitcoin (BTC) $8,665.45 (+7.53%)
  • Ethereum (ETH) $266.77 (+5.78%)
  • XRP (XRP) $0.408700 (+5.56%)
  • Bitcoin Cash (BCH) $432.28 (+6.30%)
  • Litecoin (LTC) $111.19 (+8.38%)
  • Bitcoin (BTC) $8,665.45 (+7.53%)
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