BTC/USD dropped to 7435 levels on Wednesday and is currently trading at 7679 levels at the time of writing (Bitstamp).

Reports suggest that investors engaged in massive sell-off since the start of this week, following the suspension of withdrawals from OKEx cryptocurrency exchange.

On the top side, resistance is seen at 7904 (1h 50-SMA) and a break above would target 8143 (10-DMA)/8288 (Cloud bottom)/8447 (50-DMA). Further strength would target 8599 (20-DMA)/8835 (100-DMA)/9000.

On the downside, the pair is currently hovering around 7625 (1w 50-SMA) and a break below would target 7455 (trend line joining 6427.16 and 7435.49)/ 7325 (March 18 low). Further weakness would drag it to 7180 (78.6% retracement of 6427.16 and 9948.98)/7000.

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 36, MACD line below the signal line, and stochs in oversold zone. Bias is bearish on the weekly chart as well.

Call Update: We recommended staying short in our previous call. Both the targets have been hit.

Recommendation: Book partial profits, stay short. Trail SL to 8500. TP: 7400/7200.

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