BTC/USD successfully closed above 20-DMA on Wednesday and is currently trading at 9734 levels at the time of writing (Bitstamp).
On the topside, the pair is expected to run into resistance at 10000 and a break above would target 10271 (4h 200-SMA)/10730 (90-EMA). Further strength would target 11000/11171 (38.2% retracement of 19666 and 5920.72)/116777 (50-DMA).
On the reverse side, support is seen at 9105 (20-DMA) and a break below would see it testing 8555 (10-DMA)/8186 (200-DMA). Further weakness would drag it to 7705 (4h Cloud bottom)/7500/7000.
Momentum studies: Bias appears to turning slightly bullish on the daily chart with MACD line above the signal line, stochs biased sharply higher, RSI at 49 with upward bias, and 10-DMA showing a turn.
However, trend reversal could be confirmed only on a break above the channel top.
Intraday bias appears bullish and a jump till 10271 may be on the cards.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
