BTC/USD closed above 100-DMA on Wednesday at 11400 levels and is currently trading at 11541 levels at the time of writing (Bitstamp).

On the upside, a break above 11706 (90-EMA) would see the pair testing 12000/12253 (4h 90-EMA). Further strength would target 12610 (Cloud bottom)/13019 (20-DMA)/13211 (38.2% retracement of 19666 and 9222)/14000/14444.

On the downside, a violation of 11159 (100-DMA) would drag the pair to 10945 (61.8% retracement of 5555.55 and 9666)/10166 (trend line joining 9222 and 9927.54)/ 9791 (trend line joining 11159.93 and 10162). Further weakness would target 9600 (trend line joining 2972.01 and 9222)/9359 (lower Bollinger).

Momentum studies: On the daily chart, RSI is at 41, MACD line is below the signal line and the pair is facing strong resistance at 90-EMA. The doji formation on January 23 suggest a possibility for a pullback. A decisive break above 90-EMA will target Cloud bottom.

Trend reversal could be confirmed only when the pair breaks above cloud.

Recommendation: Wait for clear directional bias.

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