BTC/USD surged to 11064 levels on Wednesday as it broke above the trend line resistance. However, it could not hold its strength and is currently trading at 10800 levels at the time of writing (Bitstamp).

On the topside, the pair is currently hovering around 10790 (trend line resistance joining 19666 and 17234) and a break above would target 11171 (38.2% retracement of 19666 and 5920.72)/11763 (Upper Bollinger)/12192 (100-DMA). Further strength would target 12793/13000/13645 (Cloud top).

On the down side, support is seen at 10596 (4h 10-SMA) and any violation would drag the pair to 10404 (10-DMA)/9900 (20-DMA). Further weakness would target 9654 (4h 200-SMA)/9349 (61.8% retracement of 2972.01 and 19666)/9000.

Momentum studies: Bias appears bullish on the daily chart with RSI at 55, MACD line above the signal line, and stochs biased higher. Intraday bias is also bullish.

Recommendation: Good to go long on dips on decisive break above 10790. SL: 9900. TP: 11171/11763/12000.

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