BTC/USD extends consolidation on Tuesday as its upside is being capped by 20-DMA. It is currently trading at 8628 levels at the time of writing (Bitstamp).

On the topside, immediate resistance is seen at 9013 (2h 200-SMA) and a break above would see the pair testing 9260 (20-DMA)/9792 (3h 200-SMA)/10000. Further strength would target 10547 (4h 200-SMA)/10783 (90-EMA)/11171 (38.2% retracement of 19666 and 5920.72).

On the reverse side, a break below 8482 (1h 50-SMA) would see the pair testing 8118 (200-DMA)/7705 (3h Cloud bottom)/7500. Further weakness would drag it to 7000/6482 (Lower Bollinger)/ 5920 (February 06 low).

Momentum studies: Bias appears neutral on the daily chart with the pair consolidating in a narrow range, MACD line above the signal line, stochs biased higher, but RSI stuck below 50. A decisive break above 20-DMA, coupled with RSI moving above 50, would see further bullishness in the pair, targeting 10000.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest