BTC/USD failed to break above trend line resistance and has slipped below 9000 levels. It is currently trading in the red at 8956 levels at the time of writing (Bitstamp).

On the upside, the pair is likely to face resistance at 9165 (1h 200-SMA) and a break above would target 9290 (trend line joining 19666 and 9755.53)/ 9678 (61.8% retracement of 11688 and 6427.16). Further strength would test 9975 (200-DMA)/10214 (1w 20-SMA).

On the downside, support is seen at 8748 (4h 100-SMA) and any violation would see the pair testing 8685 (20-DMA)/8106 (50-DMA). Further weakness would drag it to 7712 (Cloud bottom)/7581 (lower bollinger).

Momentum studies: Bias appears to be turning bearish on the daily chart – RSI is at 54 with lower bias, stochs are turning from near overbought levels, and MACD appears on the verge of a bearish crossover. The pair has moved back into the cloud after it was rejected at 200-DMA.

Watch out for a break below 20-DMA, coupled with RSI moving below 50 and bearish MACD crossover, for further downside in the pair.

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