FxWirePro: BTC/USD extends consolidation, further bullishness only on decisive break above 2h 200-SMA

(Refer BTC/USD chart on Trading View)

BTC/USD continues to struggle for a decisive break above 6500 levels.

The pair is currently trading at 6442 levels at the time of writing (Bitstamp).

On the upside, a decisive break above 6540 (2h 200-SMA) would see the pair testing 6650 (21-EMA)/. Further strength would target 6800/6879 (38.2% retracement of 8496.96 and 5880)/7000.

On the flipside, a break below 6425 (1h 100-SMA) would drag it to 6348 (10-DMA)/6200. Further weakness would target 6120 (June 13 low)/6000/5920 (February 06 low).

Bias appears neutral on the daily chart as the pair continues to consolidate below 6500 levels.

Further bullishness could be confirmed only on a decisive break above 2h 200-SMA.