FxWirePro: BTC/USD rejected at 200-DMA, break below 20-DMA to see further downside
BTC/USD is trading lower on Monday after it got rejected at 200-DMA. It is currently trading at 9351 levels at the time of writing (Bitstamp). On the upside, the pair now faces resistance at 9615 (2h 50-SMA) and a break …
BTC/USD is trading lower on Monday after it got rejected at 200-DMA. It is currently trading at 9351 levels at the time of writing (Bitstamp).
On the upside, the pair now faces resistance at 9615 (2h 50-SMA) and a break above would target 9890 (trend line joining 11688 and 9948)/10092 (200-DMA). Further strength would see it testing 10562 (78.6% retracement of 11688 and 6427.16)/11000.
On the downside, the pair has found support near 9158 (20-DMA) and any violation would target 8917 (100-DMA). Further weakness would drag it to 8847 (3h 200-SMA)/8603 (38.2% retracement of 6427.16 and 9948.98)/8260 (50-DMA).
Momentum studies: On the daily chart, MACD is on the verge of a bearish crossover, stochs have rolled from overbought levels, and RSI at 55 but with lower bias.
Intraday bias appears bearish. The pair has found support near 2h 200-SMA.
Watch out for a break below 20-DMA for a scope for further downside.
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