FxWirePro: BTC/USD finds support at 4h Cloud bottom, break below likely to test 6000
BTC/USD dropped to 6270 levels on Tuesday and closed below 20-DMA at 6299 levels. It is currently trading at 6315 levels at the time of writing (Bitstamp). On the upside, immediate resistance is seen at 6360 levels and a…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/USD dropped to 6270 levels on Tuesday and closed below 20-DMA at 6299 levels. It is currently trading at 6315 levels at the time of writing (Bitstamp).
On the upside, immediate resistance is seen at 6360 levels and a consistent break above would see it testing 6423 (3h 200-SMA)/6500. Further strength would target 6588 (1h 200-SMA)/ 6759 (23.6% retracement of 9948.98 and 5774.72)
On the downside, the pair has found support near 6283 (4h cloud bottom) and any violation would target 6120 (June 13 low)/5965 (1w 90-EMA). Further weakness would drag it to 5780 (June 24 low).
Momentum studies: Technical indicators suggest bearish bias for the pair on the daily and hourly charts. The price action is also well below major moving averages. The pair has found support near 4h cloud bottom and a break below is likely to see it testing 6000 levels.
Recommendation: Good to go short on decisive break below 4h cloud bottom. SL: 6600. TP: 6120/6000.
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