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FxWirePro: BTC/USD consolidates breach of 50-DMA resistance, good to go long on break above Cloud

BTC/USD is consolidating its break above 50-DMA and trading at 8861 levels at the time of writing (Bitstamp).

On the topside, the pair now faces strong resistance at 8981 (Cloud Top) and a break above would see it testing 9241 (100-DMA)/ 9678 (61.8% retracement of 11688 and 6427.16)/9800 (200-DMA). Further strength would target 10000/10562.

On the downside, support is seen at 8621 (1h 100-SMA) and any violation would target 8417 (10-DMA)/ 8360 (1h 200-SMA). Further weakness would drag it to 8000/7733 (20-DMA).

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 62, MACD line above the signal line and 10- and 20-DMA biased higher. However, the bearish crossover of 100 and 200-DMA and stochs in overbought zone call for high caution.

Recommendation: Good to go long on break above 9000. SL. 8400. TP: 9241/9670.

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