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FxWirePro: BTC/USD breaks above Ichimoku cloud, bias bullish, stay long

BTC/USD is trading higher on Tuesday and has broken above Ichimoku Cloud. It is currently trading at 9244 levels at the time of writing (Bitstamp).

On the topside, the pair is now eying 9536 (upper Bollinger) and further strength would target 9678 (61.8% retracement of 11688 and 6427.16)/9825 (200-DMA). Further bullish momentum would see the pair testing 10000/10562.

On the downside, immediate support is seen at 8944 (1h 50-SMA) and a break below would target 8805 (1h 100-SMA)/8548 (10-DMA). Further weakness would test 8461 (2h 100-SMA)/8150 (50-DMA)/78589 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart as the break has broken above cloud. RSI is strong at 66 and MACD line is above the signal line. However, stochs in overbought zone call for high caution.

The pair faces strong resistance at 200-DMA and a decisive break above would confirm further bullishness.

Intraday bias appears bullish as well.

On the weekly chart, the pair has broken above 10-SMA, RSI is above 50 and stochs are biased higher, suggesting scope for further upside.

Call Update: We recommended going long in our previous call. TP1 has been hit.

Recommendation: Bias bullish, stay long. Trail SL to 8800. TP: 9530/9670/9825.

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