BTC/USD is trading just shy of 8000 levels as its upside is being capped by 10-DMA. It is currently trading at 7931 levels at the time of writing (Bitstamp).

On the topside, a decisive break above 8380 (10-DMA) would target 8590 (23.6% retracement of 17234.99 and 5920.72)/9000. Further strength would see it testing 9207 (90-EMA)/9746 (20-DMA)/10000.

On the reverse side, support is seen at 7649 (1h 100-SMA) and a break below would drag it to 7000/6661 (Lower Bollinger). Further weakness would see it testing 6000/5571 (trend line joining 11159.93 and 5920.72).

Momentum studies: On the daily chart with RSI weak at 36, MACD line below the signal line, the pair’s upside capped by 10-DMA, and major moving averages biased lower.

Intraday bias appears neutral as the pair is trading in a close range today.

Bias remains bearish on the weekly chart with RSI below 50, MACD line below the signal line and stochs biased sharply lower.

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