FxWirePro: BTC/USD trades higher, hovers around 10-DMA, close above targets 2387

FxWirePro: BTC/USD trades higher, hovers around 10-DMA, close above targets 2387


Tuesday, July 18, 2017 8:59 AM UTC

BTC/USD broke above the 2200 mark on the back of newly found momentum. The pair continued its northward trend on Tuesday and is trading at 2274 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2178.94

Kijun Sen: 2287.50

On the upside, a close above 2245 (10-DMA) would see the pair testing 2319 (4h 100-EMA)/2387 (20-DMA). Further strength would target 2422 (trend line joining 2980 and 2639)/2485 (Cloud top)/2517 (50-DMA)/2590 (trend line joining 1850 and 2120).

On the downside, a close below 2184 (Cloud bottom) would see the pair testing 2104 (100-EMA)/2055 (100-DMA). Further weakness would drag the pair to 1935 (50% retracement of 891.33 and 2980)/ 1850 (May 27 low)/1823 (1w 20-SMA)/1755 (50% retracement of 751.34 and 2760).

Momentum studies: On the daily chart, RSI is at 45 with slight upward bias and stochs are biased higher. MACD line is below the signal line.

On the 4-hour chart, the pair currently faces resistance at 2319 (4h 100-EMA) and a break above would test 2469 (4h 200-SMA). RSI is strong at 59, and MACD is biased higher. Stochs are in the overbought zone.

On the weekly chart, the pair’s upside is capped by 2335 (5-SMA) and a break above 2387 (10-SMA) will see further bullishness.

Recommendation: Wait for a confirmed signal on daily charts.

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