BTC/USD has broken below 50-DMA support and is currently trading at 8244 levels at the time of writing (Bitstamp).
On the top side, the pair now faces resistance at 8536 (2h 50-SMA) and a break above would target 8784 (10-DMA)/9057 (cloud top). Further strength would see it testing 9630 (trend line joining 11688 and 9948.98)/10015 (Upper Bollinger).
On the downside, the pair has breached 8290 (50-DMA) and is now eyeing 8000/7763 (cloud bottom). Further weakness would drag it to 7526 (1w 50-SMA)/7180 (78.6% retracement of 6427.16 and 9948.98).
Momentum studies: Bias is bearish on the daily chart as the pair broke below 50-DMA, RSI is below 50, MACD line is below the signal line, and stochs are rolling over to oversold zone.
Recommendation: Good to sell on rallies around 8240/8280. SL: 8800. TP: 8000/ 7770/7500.
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