BTC/USD is trading higher on Tuesday as it broke above 50-DMA. It is currently trading at 11432 levels at the time of writing (Bitstamp).

On the topside, the pair will run into resistance at 11766 (trend line joining 19666 and 17234) and a break above would see it testing 11977(100-DMA)/12182 (Cloud bottom)/12793 (50% retracement of 19666 and 5920.72). Further strength would target 13000.

On the reverse side, support is seen at 10870 (4h 20-SMA) and a break below would target 10546 (7-DMA)/9931 (10-DMA). Further weakness would drag it to 9116 (20-DMA)/8390 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with RSI strong at 58, MACD line above the signal line, 7- and 10-DMA biased higher. Intraday bias also remains bullish.

Call Update: We recommended going long in our previous call. The pair has hit TP2.

Recommendation: Stay long. Trail SL to 10500. TP: 11977/12182.

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