BTC/USD is consolidating in a narrow range on Friday as its upside is being capped by 7-DMA. It is currently trading at 8220 levels at the time of writing (Bitstamp).

On the topside, reistance is seen at 8754 (7-DMA) and a break above would see the pair testing 8971 (10-DMA)/9102 (200-DMA)/9257 (Cloud bottom). Further strength would target 9704 (50-DMA)/9874 (20-DMA)/10000.

On the down side, support is likely to be found at 7730 (trend line joining 5920.72 and 7682) and any violation would target 7500/7174 (78.6% retracement of 5920.72 and 11780)/7000. Further weakness would drag it to 6544 (78.6% retracement of 2972.01 and 19666)/6319 (1w 50-SMA)/6000.

Momentum studies: Bias remains bearish on the daily chart with RSI at 36, MACD line below the signal line, and stochs at oversold levels.

Bias appears slightly bullish on the intraday charts. Watch out for a break above 8691 (110-EMA) for minor pullback in the pair.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets. Trail SL: 8800. TP: 7500/7174/7000.

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