FxWirePro: BTC/USD likely to find support at 10-DMA, break below to see further downside
BTC/USD is trading in a tight range on Wednesday as it struggles to break above 5-DMA. It is currently trading at 4272 levels at the time of writing (Bitstamp). Ichimoku analysis of daily chart: Tenkan Sen: 4151.80 Kijun…
BTC/USD is trading in a tight range on Wednesday as it struggles to break above 5-DMA. It is currently trading at 4272 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 4151.80
Kijun Sen: 3712.50
On the upside, resistance is seen at 4342 (5-DMA) and a break above would target 4390 (Cloud top)/4415 (trend line joining 4979.90 and 4453). Further would see it testing 4480 (August 17 high)/ 4550 (78.6% retracement of 4979.90 and 2972.01)/4679 (September 08 high).
On the flipside, support is seen at 4236 (23.6% retracement of 1830 and 4979.90) and a break below would target 4204 (10-DMA)/ 4173 (50-DMA)/ 4106 (4h 200-SMA). Further weakness would see it testing 4005 (2h 200-SMA)/3981 (20-DMA)/3927 (55-EMA)/3776.
Momentum studies: On the daily chart, RSI is at 55, MACD line is above the signal line, and stochs are in the overbought zone. However, bias appears bearish on the hourly charts.
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