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BTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bullish
GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish
Overbought/ Oversold Index: Overbought
Volatility: High and Rising
Support: 10215 (5-DMA); Resistance: 10540 (Oct 26th high)
After packing a 30.27% gain in January month, BTC/USD has clocked over 11% gains in the current month till date.
Bitcoin bulls remain in control. The pair largely ignores overbought oscillators and is grinding higher.
BTC/USD was trading 0.83% higher on the day at 10437 at around 04:15 GMT, after closing 0.79% higher in the previous session.
Breakout above sloping channel and 200-DMA reinforce bullish bias. A potential 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) will add to bullish bias.
Corrections, if any, on account of oversold oscillators likely to be shallow. Bullish invalidation only below 200-DMA.
Next major bull target lies at 61.8% Fib at 11,026. Hurdles on the way align at 10540 (Oct 26th high), 10618 (Upper BB) and 10939 (Sept 6th high).