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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.

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