BTC/USD is trading tad higher on Friday as it broke above the channel top. It is currently trading at 11100 levels at the time of writing (Bitstamp).

On the topside, a decisive break above 11171 (38.2% retracement of 19666 and 5920.72) would now see the pair testing 11577 (50% retracement of 17234.99 and 5920.72)/11808 (Upper Bollinger). Further strength would target 12000/12242 (100-DMA)/12793/13000/13645 (Cloud top).

On the down side, support is seen at 10663 (4h 20-SMA) and any violation would drag the pair to 10292 (10-DMA)/10102 (20-DMA). Further weakness would see the pair testing 9626 (4h 200-SMA)/ 9349 (61.8% retracement of 2972.01 and 19666)/9000.

Momentum studies: Bias appears bullish on the daily chart with the breach of channel top – RSI is at 56, stochs are biased higher and MACD line is above the signal line. Intraday bias appears bullish.

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

Recommendation: Bias bullish, stay long. Trail SL to 10500. TP: 11577/11808/12000.

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