FxWirePro: BTC/USD trades higher, good to go long on break above 200-DMA
BTC/USD is trading higher on Wednesday as it broke above 10-DMA. It is currently trading at 9057 levels at the time of writing (Bitstamp). On the topside, the pair now faces immediate resistance at 9199 (200-DMA) and a b…
BTC/USD is trading higher on Wednesday as it broke above 10-DMA. It is currently trading at 9057 levels at the time of writing (Bitstamp).
On the topside, the pair now faces immediate resistance at 9199 (200-DMA) and a break above would target 9450 (50-DMA)/9717 (Cloud bottom). Further strength would see it testing 10000/10166 (90-EMA)/10419 (61.8% retracement of 11688 and 8366).
On the down side, support is seen at 8844 (1h 20-SMA) and any violation would target 8575 (78.6% retracement of 5555.55 and 19666)/8330 (4h 20-SMA). Further weakness would drag it to 8000/ 7759 (161.8% retracement of 9260 and 11688)/7425 (trend line joining 5920 and 7325).
Momentum studies: On the daily chart, MACD is on the verge of a bullish crossover, stochs are biased higher, 7-DMA is biased slightly upwards, and RSI is at 47 with upward bias. This suggests a scope for minor bullishness in the pair.
Recommendation: Good to go long on break above 9200. SL: 8500. TP: 9450/9717.
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