BTC/USD is trading tad lower on Tuesday as it couldn’t hold cloud support. It is currently trading at 8323 levels at the time of writing (Bitstamp).

On the top side, resistance is seen at 8452 (Cloud bottom) and a break above would target 8699 (55-EMA)/8861 (100-DMA). Further strength would target 9000/9464 (trend line joining 11688 and 9948.98).

On the downside, the pair is likely to find support at 8060 (trend line joining 6427.16 and 7929.53) and any violation would drag it to 7639 (1w 50-SMA)/ 7325 (March 18 low)/ 7000.

Momentum studies: Bias appears bearish on the daily chart with the pair breaking below cloud, MACD line below the signal line, and RSI below 50.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets. SL: 8800. TP: 8000/7700.

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