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FxWirePro: BTC/USD faces stiff trend line resistance at 11644, break above to see further upside

BTC/USD failed to break above trend line resistance on Tuesday and is currently trading at 11035 levels at the time of writing (Bitstamp).

On the topside, immediate resistance is seen at 11316 (50-DMA) and a break above would see it testing 11644 (trend line joining 19666 and 17234)/12020(100-DMA). Further strength would target 12359 (Cloud bottom)/12793 (50% retracement of 19666 and 5920.72)/13000.

On the down side, support is seen at 10739 (7-DMA) and any violation would drag it to 10208 (10-DMA)/10000. Further weakness would target 9206 (20-DMA)/8575 (78.6% retracement of 5555.55 and 19666)/8428 (200-DMA).

Momentum studies: On the daily chart RSI is at 56, MACD line is above the signal line, and the pair os holding 7-DMA support. However, stochs are in overbought zone and the inverted hammer formation call for high caution.

The pair faces stiff trend line resistance at 11644 and a break above would see further upside.

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