FxWirePro: BTC/USD surges by $400 in an hour, bias neutral

(Refer BTC/USD chart on Trading View)

BTC/USD surged to 6906 levels earlier in the day. Reports suggest that the spike coincided with BitMEX halting its services for maintenance purposes.

The pair is currently trading at 6683 levels at the time of writing (Bitstamp).

On the upside, the pair stopped short of key resistance at 6940 (50-DMA) and a consistent break above would target 7025 (100-DMA)/7135 (Cloud bottom). Further strength would test 7196 (upper Bollinger).

On the downside, support is seen at 6461 (5-DMA) and any violation would drag it to 6379 (1h 200-SMA)/6300. Further weakness would see it testing 6200/ 6120 (June 13 low)/6000.

On the daily chart, bias appears to be turning bullish with MACD line above the signal line, RSI at 49 with upward bias and stochs biased higher. That said, cautioned is advised owing to the spike seen today of over $400 around 1:00 GMT. A break above 50-DMA could see further upside in the pair.

Recommendation: Wait for clear directional bias.