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FxWirePro: BTC/USD finds support near 50-DMA, good to go short on break below

BTC/USD is trying to hold above 13000 on Tuesday as its upside is being capped by 10-DMA. It is currently trading at 13244 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 14265.26

Kijun Sen: 15412.96

On the topside, a consistent break above 13576 (1h 100-SMA) would see the pair testing 14124 (10-DMA)/14409 (38.2% retracement of 19666 and 11159). Further strength would target 15000/15531 (20-DMA)/16000/16666 (December 08 high).

On the reverse side, strong support is seen at 12696 (50-DMA) and any violation would drag the pair to 12050 (December 30 low)/11676 (1w 10-SMA). Further weakness would see it testing 11590 (Lower Bollinger)/11159 (December 22 low)/10945 (61.8% retracement of 5555.55 and 19666).

Momentum studies: Bias appears bearish on the daily chart with RSI at 45, MACD line below the signal line and 10-DMA biased lower. Bias appears weak on the intraday charts as well.

On the weekly chart, the pair is has broken below 7-SMA, stochs and RSI have rolled over from overbought levels, while MACD line is above the signal line.

Watch out for a decisive break below 50-DMA for further bearishness in the pair.

Recommendation: Good to go short on break below 12696. SL: 14200. TP: 12050/11676.

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2018-01-16 14:32:49
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