BTC/USD is trading in a narrow range on Thursday and hovering around 50-DMA at 8326 levels at the time of writing (Bitstamp).
On the top side, the pair faces strong resistance at 8691 (10-DMA) and a break above would target 8858 (100-DMA)/9070 (20-DMA). Further strength would see it soaring to 9605 (trend line joining 11688 and 9948.98)/10029 (Upper Bollinger).
On the downside, a decisive break below 8300 (50-DMA) would drag the pair to 8056 (cloud bottom)/7772 (61.8% retracement of 6427.16 and 9948.98). Further weakness would target 7528 (1w 50-SMA)/7180 (78.6% retracement of 6427.16 and 9948.98).
Momentum studies: Bias remains bearish on the daily chart with RSI weak at 42, MACD line below the signal line, and stochs rolling over to oversold zone. Bias is bearish on the weekly chart as well.
Call Update: We recommended going short in our previous call.
Recommendation: Hold for targets. SL: 8800. TP: 8000/ 7770/7500.
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