BTC/USD is extremely rangebound on Thursday as it faces resistance at 9451 (trend line joining 11688 and 9755.53). It is currently trading at 9213 levels at press time (Bitstamp).
On the upside, a decisive break above 9451 (trend line joining 11688 and 9755.53) would target 9678 (61.8% retracement of 11688 and 6427.16)/10010 (200-DMA). Further strength would test 10227 (1w 20-SMA)/ 10562.
On the downside, immediate support is seen at 9103 (Cloud top) and a break below would target 8977 (100-DMA)/ 8822 (20-DMA)/8405 (3H 200-dma). Further weakness would see it testing 8131 (50-DMA)/7806 (lower Bollinger)/7698 (61.8% retracement of 6427.16 and 9755.53).
Momentum studies: On the daily chart, RSI is holding at 57, while stochs are biased lower and MACD is on the verge of a bearish crossover.
The pair is extremely rangebound and a break below 20-DMA would see further downside in the pair.
Recommendation: Wait for clear directional bias.
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