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FxWirePro: BTC/USD breaches 7-DMA support, break below 10-DMA targets 7287

BTC/USD slipped below 7-DMA on Wednesday and is trading at 7901 levels at the time of writing (Bitstamp).

On the topside, immediate resistance is seen at 8005 (7-DMA) and a break above would target 8416 (50-DMA)/8850 (Cloud bottom)/8943 (90-EMA). Further strength would target 9164 (23.6% retracement of 19666 and 5920.72)/9689 (200-DMA).

On the downside, support is seen at 7659 (10-DMA) and any violation would drag the pair to 7287 (20-DMA)/7000. Further weakness would target 6588 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, RSI continues to hold above 50 and MACD line is above the signal line. However, the pair is trading below 7-DMA after it got rejected at 50-DMA resistance and stochs are rolling over from overbought levels.

Traders are preferred to wait for a confirmed signal on the daily chart.

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