FxWirePro: BTC/USD trades just shy of 7400, bias bullish

(Refer BTC/USD chart on Trading View)

BTC/USD has broken above 1w 20-SMA and trading in a tight range on Tuesday (Bitstamp).

The pair is currently trading at 7370 levels at the time of writing.

On the top side, a consistent break above 400 levels will the pair testing 7497 (61.8% retracement of 8496.96 and 5880)/7523 (trend line joining 11688 and 8496.96)/7600/7696 (July 20 high).

On the downside, support is seen at 7293 (5-DMA) and any violation would drag the pair to 7207 (110-EMA)/7135 (cloud top)/7049 (cloud bottom)/7000.

Bias appears bullish on the daily and intraday charts.

Call Update: We recommended going long in our previous call. The call is progressing well.

Recommendation: Hold for targets. SL: 7050. TP: 7490/7550.