BTC/USD continues to consolidate in a narrow range on Monday and is trading at 11534 levels at the time of writing (Bitstamp).

On the topside, the pair is currently eying 11818 (upper Bollinger) and a break above would see it testing 12000/12336 (100-DMA). Further strength would target 12570 (Cloud top)/12793 (50% retracement of 19666 and 5920.72)/13000.

On the down side, support is seen at 11230 (4h 20-SMA) and any violation would drag the pair to 10945 (61.8% retracement of 5555.55 and 19666)/10685 (10-DMA). Further weakness would see it testing 10546 (20-DMA)/10248 (50-DMA)/10000/9633 (4h 200-SMA).

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 59, stochs biased higher and MACD line above the signal line. Intraday bias also appears bullish.

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

Recommendation: Hold for targets, stay long. SL to 10500. TP: 11808/12000.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest