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FxWirePro: BTC/USD rangebound, sees trend line support at 13125, good to go short on break below

BTC/USD is trading in a narrow range on Monday with its upside capped by 7-DMA. It is currently trading at 13799 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 14974.98

Kijun Sen: 14220.55

On the topside, a decisive break above 13995 (7-DMA) would see the pair testing 14514 (50-DMA)/14614 (20-DMA)/15000. Further strength would target 15697 (Cloud top)/16000/16119 (trend line joining 19666 and 17234)/16666 (December 08 2017 high).

On the flipside, support is seen at 13125 (trend line joining 11159.93 and 12800) and any violation would see the pair testing 12610 (Cloud bottom)/12344 (lower Bollinger). Further weakness would drag it to 12000/11780 (90-EMA)/11159 (December 22 low).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 46, MACD line below the signal line, and stochs biased lower. The pair is currently consolidating inside Ichimoku cloud and a break below would confirm further bearishness in the pair.

Recommendation: Good to go short on break below 13125. SL: 14630. TP: 12610/12344/12000.

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