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BTC/USD continues to trade in a bullish flag pattern on Thursday, with upside capped by cloud top. It is currently trading at 1158 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 1086.33
Kijun Sen: 1075.66
A decisive break above 1162.50 (daily cloud top) would see further bullishness in the pair and would target 1190 (113% retracement of 1139.89 and 751.34)/1220 (February 24 high).
On the downside, support is seen at 1125.99 (50-DMA) and a break below would drag it to 1114.44 (Cloud base)/1079.83 (55-EMA).
Overall trend appears bullish with RSI strong at 58 (bias higher), the MACD line is above the signal line, and the pair is holding well above 50-DMA.
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FxWirePro: BTC/USD in bullish flag pattern, good to go long on dips
Thursday, April 6, 2017 9:31 AM UTC
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