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FxWirePro: BTC/USD extends consolidation below trend line resistance at 11828, stay long

BTC/USD is consolidating in narrow range as it faces strong trend line resistance at 11828. It is currently trading at 11524 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 10400

Kijun Sen: 8677.78

On the topside, the pair faces resistance at 11828 (trend line joining 4979.90 and 11395) and a break above would target 11952 (Upper Bollinger)/12000/12552 (300% retracement of 7888 and 5555.55). Further strength would see it testing 12803 (200% extension of 2972.01 and 7888)/13000.

On the reverse side, support is likely to be found at 11393 (1h 50-SMA) and a break below would target 11218 (5-DMA)/11060 (2h 50-SMA). Further weakness would drag it to 10730 (38.2% retracement of 9000 and 11800)/ 10593 (2h 90-EMA)/10476 (10-DMA).

Momentum studies: Bias remains bullish on the daily chart with major moving averages biased higher, the pair holding above 5-DMA, MACD line above the signal line. Caution is advised as RSI and stochs are at overbought levels.

Call Update: We recommended going long in our previous call. The call is progressing well.

Recommendation: Hold for targets.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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