FxWirePro: BTC/USD trades with bullish momentum, break above 200-DMA sees scope for further upside
BTC/USD stopped just shy of 9800 levels on Thursday and is currently trading in the red at 9615 levels at press time (Bitstamp). On the upside, the pair faces strong resistance at 9770 (trend line joining 11688 and 9799.…
BTC/USD stopped just shy of 9800 levels on Thursday and is currently trading in the red at 9615 levels at press time (Bitstamp).
On the upside, the pair faces strong resistance at 9770 (trend line joining 11688 and 9799.99) and a break above would target 10033 (200-DMA)/10248 (1w 20-SMA). Further strength would target 10562 (78.6% retracement of 11688 and 6427.16)/11000.
On the downside, support is seen at 9377 (5-DMA) and any violation would drag the pair to 9103 (Cloud top)/8950 (2h 200-SMA). Further weakness would test 8741 (55-EMA)/8169 (50-DMA).
Momentum studies: Bias is bullish on the daily chart with RSI at 61, MACD line above the signal line and stochs biased higher. Intraday bias is bullish as well.
Recommendation: Good to go long on dips around 9570/9600. SL: 8900. TP: 10000/10200/10500.
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