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BTC/USD faces trend line resistance at 8450, break above likely to test 200-DMA

Thu, 26 Jul 2018, 07:21 am UTC

BTC/USD is trading in a close range on Thursday after it closed in the red at 8049 levels on July 25. It is currently trading at 8286 levels at the time of writing (Bitstamp).

On the upside, the pair faces immediate resistance at 8354 (61.8% retracement of 9948.98 and 5774.72) and a break above would see it testing 8450 (trend line joining 11688 and 8496.96)/8500 /8597 (200-DMA). Further strength would target 8900 (May 14 high)/9000.

On the downside, support is likely to be found at 8000 (1h 90-EMA) and any violation would drag it to 7818 (7-DMA)/7689 (10-DMA). Further weakness would see it testing 7583 (Cloud top)/7395 (90-EMA).

Bias remains bullish on the daily charts with no major downside. RSI is strong at 72, MACD line is above the signal line, and the pair is holding well above 7-DMA, which is biased sharply higher.

Call Update: We recommended staying long in our previous call. The call still holds.

Recommendation: Hold for targets. SL: 7500. TP: 8600/8900.

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