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FxWirePro: BTC/USD breaks above trend line resistance to hit fresh all-time highs, eyes 7000

BTC/USD has broken above the trend line joining 6180 and 6316 to hit a fresh all-time high at 6942 levels so far in the day. It is currently trading at 6930 levels at the time of writing (Bitstamp).

The recent rise in bitcoin price comes at a time when the bitcoin community awaits the Bitcoin Segwit2x fork, expected to take place on November 16th.

Ichimoku analysis of daily chart:

Tenkan Sen: 6140.63

Kijun Sen: 5659.88

On the upside, a consistent break above 6987 (200% retracement of 4979.90 and 2972.01)/7000 levels would see the pair testing 7052 (127.2% extension of 2972.01 and 6180)/7100. Further strength would target 7248 (113% extension of 2972.01 and 6756.36)/7300.

In the short-term, support is seen at 6833 (2h 5-SMA) and a break below would target 6781 (1h 10-SMA)/6699 (2h 10-SMA). Further weakness would drag it to 6578 (4h 10-SMA)/6469 (5-DMA)/6366 (4h 20-SMA)/6300.

Momentum studies: Bias remains bullish on the daily chart with no signs of reversal, as RSI strong at 77, bullish MACD crossover, and major moving averages biased higher. However, caution is advised as stochs are in the overbought zone.

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