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FxWirePro: BTC/USD faces trend line resistance at 2410, good to go long on break above

BTC/USD traded higher on Tuesday and hit 2392 levels, before it closed at 2303 levels. Today, it has broken above 20-DMA and is currently trading at 2394 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2127.58

Kijun Sen: 2277.48

On the upside, a close above 2383 (20-DMA) would see the pair testing 2410 (trend line joining 2980 and 2639)/2499 (cloud top). Further strength would see it testing 2521 (50-DMA)/2540 (61.8% retracement of 2980 and 1830)/2600 (trend line joining 1850 and 2120)/2639 (July 04 high)/2733.

On the downside, support is seen at 2330 (1h 20-SMA) and any violation would drag it to 2285 (2h 20-SMA)/2237 (10-DMA). Further weakness would see it testing 2160 (5-DMA)/2111 (100-EMA)/2067 (100-DMA)/ 1935 (50% retracement of 891.33 and 2980)/ 1850 (May 27 low).

Momentum studies: Overall bias appears to be turning bullish as RSI is at 50 with an upward bias, MACD seems to be on the verge of a bullish crossover and stochs are biased higher. The new found upward momentum comes amid reports of the activation of User Activated Soft Fork scheduled on 01 August 2017.

Recommendation: Good to go long on break above 2410. SL: 2216. TP: 2521/2600.

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