BTC/USD has broken below 20-DMA and is trading at 9082 levels at the time of writing (Bitstamp).

On the upside, the pair faces resistance at 9248 (20-DMA) and a break above would target 9410 (5-DMA)/9830 (trend line joining 11688 and 9948). Further strength would see it testing 10124 (200-DMA)/ 10562 (78.6% retracement of 11688 and 6427.16).

On the downside, the pair has broken below 20-DMA and further downward momentum would target 9000/8871 (100-DMA)/8617 (Lower Bollinger). Further weakness would drag the pair to 8274 (50-DMA)/8000.

Momentum studies: Bias appears bearish on the daily chart with bearish MACD crossover, stochs biased sharply lower, and RSI at 51 with lower bias. Intraday bias is also bearish.

Call Update: We recommended going short in our previous call. The pair has hit TP1.

Recommendation: Bias bearish, stay short. SL: 9500. TP: 9000/8650.

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