FxWirePro: BTC/USD breaks below 9000 with breach of 200-DMA support, bias bearish, stay short
BTC/USD moved further south on Friday and has broken below the 200-DMA. It is currently trading at 8854 levels at press time (Bitstamp). On the topside, the pair faces resistance at 9164 (23.6% retracement of 19666 and 5…
BTC/USD moved further south on Friday and has broken below the 200-DMA. It is currently trading at 8854 levels at press time (Bitstamp).
On the topside, the pair faces resistance at 9164 (23.6% retracement of 19666 and 5920.72) and a break above would target 9318 (1h 20-SMA)/9554 (2h 20-SMA). Further strength would see it testing 10070 (50-DMA)/10433 (20-DMA).
On the down side, a decisive break below 8596 (Cloud bottom) would target 8158 (61.8% retracement of 5920.72 and 11780)/8000/7759 (161.8% retracement of 9260 and 11688)/7500. Further weakness would drag the pair to 7000/6550 (trend line joining 2972.01 and 5920.72)/6050 (trend line joining 5555.55 and 5920.72).
Momentum studies: Bias remains bearish on the daily chart with RSI at 37, stochs rolling over to oversold levels and bearish MACD crossover. Intraday bias is also bearish.
Call Update: We recommended going short in our previous call. All the targets have been hit.
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