BTC/USD plunged to 10162 levels on Tuesday before closing at 11386 levels. It is currently trading at 11432 levels at the time of writing (Bitstamp).

On the topside, the pair is likely to face resistance at 11759 (90-EMA) and a break above would target 12238 (2h 20-SMA)/12610 (Cloud bottom). Further strength would see it testing 12843 (5-DMA)/13554 (10-DMA)/14251 (20-DMA)/14872 (Cloud top).

On the flipside, support is seen at 10678 (100-DMA) and a break below would target 10234 (trend line joining 5555.55 and 10162)/10000. Further weakness would drag it to 9349 (61.8% retracement of 2972.01 and 19666)/9000 (November 30 low).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 36, MACD line below the signal line, and stochs rolling over to oversold zone.

Call Update: We recommended going short in our previous call. All the targets have been hit.

Recommendation: Good to go short on break below 10678. SL: 13560. TP: 10234/10000/9349.

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