BTC/USD is trading in a narrow range on Wednesday as hovering around cloud top at 9071 levels at the time of writing (Bitstamp).
On the upside, a decisive break above 9214 (trend line joining 19666 and 9755.53) would see the pair testing 9678 (61.8% retracement of 11688 and 6427.16)/9992(200-DMA). Further strength would target 10220 (1w 20-SMA)/ 10562.
On the downside, support is seen at 8802 (2h 200-SMA) and any violation would drag it to 8665 (55-EMA)/8316 (3h 200-SMA). Further weakness would see the pair testing 8108 (50-DMA)/7678 (Cloud bottom).
Momentum studies: On the daily chart, the pair is extremely rangebound, RSI is at 56, while MACD is on the verge of a bearish crossover and stochs are biased lower.
Recommendation: Wait for clear directional bias.
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