FxWirePro: BTC/USD finds support near Cloud top, further bearishness only on decisive break below
BTC/USD is extremely rangebound on Thursday as it faces strong resistance at 10-DMA. It is currently trading at 9261 levels at the time of writing (Bitstamp). On the upside, a break above 9426 (10-DMA) would target 9800 …
BTC/USD is extremely rangebound on Thursday as it faces strong resistance at 10-DMA. It is currently trading at 9261 levels at the time of writing (Bitstamp).
On the upside, a break above 9426 (10-DMA) would target 9800 (trend line joining 11688 and 9948)/10141 (200-DMA). Further strength would see it testing 10124 (200-DMA)/ 10562 (78.6% retracement of 11688 and 6427.16)/11000.
On the downside, a decisive break below 9281 (20-DMA) would drag the pair to 9057 (Cloud top)/8866 (100-DMA)/8682 (Lower Bollinger). Further weakness would see it testing 8287 (50-DMA)/8000.
Momentum studies: On the daily chart, bearish MACD crossover and lower bias of stochs suggest bearish bias for the pair. However, the RSI is holding above 50.
The pair has found strong support near cloud top and further bearishness could be confirmed only on a decisive break below.
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