BTC/USD surged to 11487 levels over the weekend and is currently trading at 10490 levels at the time of writing (Bitstamp).
On the topside, immediate resistance is seen at 10721 (90-EMA) and a break above would target 11185 (upper Bollinger)/11420 (50-DMA). Further strength would see it testing 11880 (trend line joining 19666 and 17234)/ 12000/ 12321 (cloud bottom).
On the reverse side, support is seen at 10038 (7-DMA) and any violation would target 9579 (10-DMA)/9017 (20-DMA). Further weakness would drag the pair to 8343 (200-DMA)/8000.
Momentum studies: Bias appears bullish on the daily chart with RSI at 53, MACD line above the signal line, 7- and 10-DMA biased higher.
Call Update: We recommended going long in our previous call. All the targets have been hit.
Recommendation: Good to go long on break above 10271. SL: 9570. TP: 11185/11420/11880.
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