BTC/USD is trading in a narrow range on Wednesday as it struggles for a decisive break above 7-DMA. It is currently trading at 9167 levels at the time of writing (Bitstamp).
On the topside, resistance is likely to be found at 9632 (10-DMA) and a break above would target 10091 (20-DMA)/10474 (90-EMA). Further strength would see it testing 10977 (78.6% retracement of 11688 and 8366)/11577 (Cloud top)/12000.
On the down side, a break below 9068 (200-DMA) would target 8943 (Cloud bottom)/ 8760 (trend line joining 5920.72 and 8366). Further weakness would target 8366 (March 09 low)/8000/7759 (161.8% retracement of 9260 and 11688).
Momentum studies: Bias appears bearish on the daily chart with RSI below 50, MACD line below the signal line, and stochs near oversold levels.
Bias appears weak on the weekly chart as well with RSI slipping below 50, MACD line below the signal line and stochs biased lower.
Recommendation: Good to go short on break below 8760. SL: 9650. TP: 8366/8000/7760.
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