BTC/USD continues trading in a narrow range as its upside is capped by 90-EMA. It is currently trading at 11358 levels at the time of writing (Bitstamp).

On the upside, a decisive break above 11691 (90-EMA) would see the pair testing 12000/12363 (4h 100-DMA). Further strength would target 12610 (Cloud bottom)/12709 (20-DMA)/13211 (38.2% retracement of 19666 and 9222)/13543 (4h 200-SMA)/14000.

On the flipside, a break below 11213 (100-DMA) would see the pair testing 10945 (61.8% retracement of 5555.55 and 9666)/10284 (trend line joining 9222 and 9927.54)/1000. Further weakness would drag it to 9754 (trend line joining 11159.93 and 10162)/9668 (trend line joining 2972.01 and 9222)/9503 (lower Bollinger).

Momentum studies: On the daily chart, RSI is at 42 and MACD line is below the signal line. However, stochs are slightly biased higher. The pair is extending consolidation and a close above 90-EMA would make way for further upside. Trend reversal could be confirmed only when the pair breaks above cloud.

On the weekly chart, stochs are biased sharply lower, MACD is on the verge of a bearish crossover, while RSI is holding at 56. The pair sees strong support at 20-SMA (9515) levels and a break below would see further bearishness in the pair.

Recommendation: Wait for clear directional bias.

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