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BTC/USD capped at 113% fib, break above trend line resistance could see further upside

Thursday, December 15, 2016 10:59 AM UTC

BTC/USD is facing strong resistance at 782.63 (113% retracement of 778.07 and 743) and is currently trading at 777 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 770.63

Kijun Sen: 753.63

Trend reversal: 697.23 (90 EMA)

On the upside, a consistent break above 782.63 levels would target 792 (trend line joining 745.19 and 778.07). Further strength would see the pair testing 799.74 levels (161.8% retracement of778.07 and 743) /819 (113% retracement of 778.85 and 465.28).

On the downside, the pair has taken support near 768.73 (10-EMA) and a break below would drag it to 755 (21-day MA)/743 (December 05 low)/714 (November 20 low).

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Digital Currency Revolution

BTC/USD capped at 113% fib, break above trend line resistance could see further upside

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