BTC/USD remains largely flat on Friday and is trying to hold above 20-DMA at 7647 levels at the time of writing (Bitstamp).
On the top side, the pair faces resistance at 7803 (3h 200-SMA) and a break above would see it testing 8000/8188 (Cloud bottom). Further strength would target 8279 (Upper Bollinger)/ 8448 (50-DMA).
On the downside, support is seen at 7583 (10-DMA) and a break below would drag it to 7398 (1w 55-EMA)/ 7180 (78.6% retracement of 6427.16 and 9948.98). Further weakness would target 7000.
Momentum studies: Bias is neutral on the daily chart as the pair continues to trade in a close range. Momentum studies on hourly charts appear inconclusive at the time of writing.
Bias appears bearish on the weekly chart with RSI below 50, stochs biased lower, and MACD line below the signal line. A break below 1w 55 EMA would confirm further bearishness.
Recommendation: Wait for clear directional bias.
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