FxWirePro: BTC/USD consolidates breach of 50-DMA resistance, good to go long on break above Cloud
BTC/USD is consolidating its break above 50-DMA and trading at 8861 levels at the time of writing (Bitstamp). On the topside, the pair now faces strong resistance at 8981 (Cloud Top) and a break above would see it testin…
BTC/USD is consolidating its break above 50-DMA and trading at 8861 levels at the time of writing (Bitstamp).
On the topside, the pair now faces strong resistance at 8981 (Cloud Top) and a break above would see it testing 9241 (100-DMA)/ 9678 (61.8% retracement of 11688 and 6427.16)/9800 (200-DMA). Further strength would target 10000/10562.
On the downside, support is seen at 8621 (1h 100-SMA) and any violation would target 8417 (10-DMA)/ 8360 (1h 200-SMA). Further weakness would drag it to 8000/7733 (20-DMA).
Momentum studies: Bias appears bullish on the daily chart with RSI strong at 62, MACD line above the signal line and 10- and 20-DMA biased higher. However, the bearish crossover of 100 and 200-DMA and stochs in overbought zone call for high caution.
Recommendation: Good to go long on break above 9000. SL. 8400. TP: 9241/9670.
Potential short-liquidation exposure was reported above $85,000 in the week leading up to Oct. 15. A separate cluster near $75,000 has no stated position direction.
Issuance will stay level for about 12 months, then taper to zero over 24 months. Five community-nominated council candidates require confirmation by veHNT holders.
