FxWirePro: BTC/USD trades higher, good to go long on break above 21-EMA

(Refer BTC/USD chart on Trading View)

BTC/USD continues to trade in the green on Friday and holding its strength well above the 6500 mark.

The pair surged nearly 2 percent to 6564 at the time of writing (Bitstamp)

On the upside, a consistent break above 6600 (21-EMA) would see the pair testing 6715 (Cloud bottom)/ 6811 (50-DMA). Further strength would target 6908 (61.8% retracement of 7411.85 and 6094.38)/7000.

On the other hand, the pair is likely to find support at 6495 (21-EMA) and any violation would drag it to 6394 (5-DMA)/6300. Further weakness would test 6207 (78.6% retracement of 5880 and 7125.28)/6094 (September 9 low).

Bias appears to be turning bullish on the daily chart as stochs are rolling over from the oversold zone, RSI is at 48 with an upward bias and 5-DMA is biased higher. Intraday bias is also bullish.

Recommendation: Good to go long on a break above 21-EMA. SL: 6390. TP: 6700/6800.