BTC/USD is trading lower on Friday as it slipped back into the cloud. It is currently trading at 8831 levels at the time of writing (Bitstamp).

On the upside, the pair faces resistance at 9057 (Cloud top) and a break above would see it testing 9377 (10-DMA)/9775 (trend line joining 11688 and 9948). Further strength would target 9885 (Upper Bollinger)/10155 (200-DMA).

On the downside, the pair is hovering around 8850 (100-DMA) and a decisive break below would drag the pair further down to 8637 (lower Bollinger)/8284 (50-DMA). Further weakness would target 8000/7772 (61.8% retracement of 6427.16 and 9948.98)/7658 (Cloud bottom).

Momentum studies: Bias is bearish on the daily chart with RSI below 50, bearish MACD crossover and stochs biased sharply lower. Intraday bias is also bearish.

Call Update: We recommended staying short in our previous call. The pair has hit TP1 and the call is progressing well.

Recommendation: Bias bearish, stay short. Trail SL to 9300. TP: 8650/8300.

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