BTC/USD is soaring higher and has hit 7546 levels so far in the day. It is currently trading at 7425 levels at the time of writing (Bitstamp).

Bitcoin price has soared by nearly 20 percent this week. The jump comes as the cryptocurrency community has been welcoming a number of pro-crypto news – from BlackRock’s growing interest in this emerging asset class to the appointment of crypto-friendly David Solomon as the new CEO of Goldman Sachs.

On the topside, a decisive break above 7500 would see the pair testing 7614 (100-DMA)/7733 (1w 20-SMA)/7861 (50% retracement of 99.48 and 5774.72). Further strength would target 7944 (Cloud top)/8000.

On the downside, support is likely to be found at 7180 (78.6% retracement of 6427.16 and 9948.98) and a break below would drag it to 7092 (1h 20-SMA)/6921 (2h 20-SMA). Further weakness would test 6811 (5-DMA)/6730 (50-DMA).

Momentum studies: Technical indicators are bullish on the daily chart – RSI is strong at 67, MACD line above the signal line, and stochs rolling over to overbought levels.

Call Update: We recommended going long in our previous call. Both the targets have been hit.

Recommendation: Book partial profits, stay long. Trail SL to 6700. TP: 7600/7730.