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FxWirePro: BTC/USD breaks below 10000, good to go short on rallies

BTC/USD has broken below the 10000 mark and is currently trading at 9785 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 10011 (1h 20-SMA) and a break above would see it testing 10576 (20-DMA)/10754 (10-DMA). Further strength would target 11000/11171 (38.2% retracement of 19666 and 5920.72)/11600 (Cloud top).

On the down side, support is seen at 9349 (61.8% retracement of 2972.01 and 19666) and further weakness would drag it to 9000/8734 (Cloud bottom). A break below Cloud would see further downside in the pair, targeting 8575 (78.6% retracement of 5555.55 and 19666)/8000.

Momentum studies: Bias appears bearish on the daily chart with RSI at 44, stochs biased sharply lower and bearish MACD crossover. Intraday bias is also bearish.

Recommendation: Good to go short on rallies around 9800/10000. SL: 10800. TP: 9349/9000/8734.

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