BTC/USD is trading in a close range on Monday as it tries to hold above 200-DMA. It is currently trading at 8435 levels at the time of writing (Bitstamp).

On the topside, resistance is seen at 8947 (4h 90-EMA) and a break above would see the pair testing 9376 (20-DMA)/10000. Further strength would target 10715 (4h 200-SMA)/11171 (38.2% retracement of 19666 and 5920.72).

On the reverse side, a break below 8086 (200-DMA) would drag the pair to 7474 (2h cloud bottom)/7000. Further weakness would see it testing 6544 (78.6% retracement of 2972.01 and 19666)/5920 (February 06 low).

Momentum studies: On the daily chart, RSI is weak at 40, while MACD line has crossed above the signal line and stochs are biased slightly higher. The pair is trading in a downward sloping channel with major moving averages biased lower.

The pair faces strong resistance at 20-DMA and traders are preferred to wait for a confirmed signal on the daily chart.

Bias remains bearish on the weekly charts.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest