BTC/USD is trading in the red on Monday as it faces strong resistance at 55-EMA. It is currently trading at 8090 levels at the time of writing (Bitstamp).

On the topside, a consistent break above 8424 (55-EMA) will see the pair testing 8517 (50-DMA)/8990 (90-EMA). Further strength would target 9652 (200-DMA)/10000.

On the downside, support is seen at 7944 (1h 100-SMA) and any violation would drag the pair to 7475 (10-DMA)/7250 (20-DMA). Further weakness would see it testing 7000/6570 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, MACD line is above the signal line and 10-DMA is biased higher suggesting bullish bias. However, stochs have rolled over to the overbought zone and RSI is at 54 with lower bias.

Intraday bias appears bearish.

Watch out for a break above 55-EMA for scope for further upside.

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