BTCUSD Clears 100-EMA; Bias Cautiously Bullish

Technical analysis of Forex market

Bitcoin propelled out of the Ichimoku cloud and above the 100 exponential moving average (EMA) in the four-hour chart, which proved hard to breach early in July.

According to the RSI, the market seems to have reached overbought conditions and is likely to experience some weakness in the short-term as the indicator moves softly around its 70 overbought mark. However, if the MACD keeps gaining ground in the positive territory, the price may continue to head higher.

An upturn above the July 19’s high of 10,728 could prompt another gainful session towards the 11,000 mark. Breaking higher, the bullish trajectory may next pause near 11,350.

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Should the market come under selling pressure, immediate support could be detected around 10,330 and ahead of the 100-EMA currently at 10,115. Another leg lower could retest the key 9,815 level near the Ichimoku cloud, while deeper, support could run towards 9,300.

Summarizing, the cryptocurrency is still neutral in the short-term, and only a break above 10,728 and below 9,300 would give a direction to the market.

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