BTC/USD is trading lower on Thursday after it was rejected at 200-DMA. It is currently trading at 8750 levels at the time of writing (Bitstamp).

On the upside, immediate resistance is seen at 9129 (100-DMA) and a break above would test 9678 (61.8% retracement of 11688 and 6427.16)/9871 (200-DMA). Further strength would drive the pair to 10000/10562.

On the downside, the pair is currently hovering around 8740 (1h 200-SMA) and a decisive break below would target 8385 (Cloud bottom)/8091 (20-DMA). Further weakness would drag the pair to 7781 (4h 200-SMA)/7116 (1w 50-SMA).

Momentum studies: On the daily chart, the pair has moved back into the cloud and stochs are rolling over from overbought zone. RSI is at 55 with lower bias.

Intraday bias appears bearish at the time of writing.

Recommendation: Watch out for a break below cloud for scope for further downside.

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