Crypto Technicals: BTC/USD breaks above 55-EMA, scope for upside resumption

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 10417 (55-EMA); Resistance: 11740 (trendline)

Technical Analysis: Bias turning slightly bullish

BTC/USD spikes higher on the day, trades 3.66% higher at 10692 at 09:40 GMT.

The pair has bounced off 100-DMA and strong trendline support. 50-DMA is immediate resistance at 10781.

RSI and Stochs have turned higher and Stochastics RSI is on verge of rollover from oversold levels.

The pair has broken consolidation and edged higher, price action has broken above 55-EMA and daily cloud.

Major trend is bullish. Breakout at 50-DMA (10781) could see resumption of upside. Test of 11600 levels likely.

Immediate support is at cloud top at 10669. Retrace below 55-EMA (10416) negates bullish bias.

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