Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

FxWirePro: BTC/USD rejects trend line resistance at 6747, dip till 6000 likely

BTC/USD is trading deep in the red at 6345 levels as it failed to break above trend line joining 9948.98 and 7750 (Bitstamp).

On the topside, the pair faces strong resistance at 6747 (trend line joining 9948.98 and 7750) and a break above would target 6889 (2h 200-SMA)/6951 (20-DMA). Further strength would test 7262 (4h 200-SMA)/ 7582 (38.2% retracement of 9948.98 and 6120).

On the flipside, support is likely to be found at 6133 (trend line joining 5920.72 and 6120) and any violation would target 6000/5920 (February 06 low)/5622 (113% extension of 9948.98 and 6120).

Momentum studies: Bias has turned bearish on the daily chart with RSI weak at 34, stochs biased lower, and the price action below major moving averages. Bias appears bearish on the weekly charts as well.

Call Update: We recommended going short in our previous call. The call is progressing well.

Recommendation: Hold for targets. SL: 7100. TP: 6150/6000.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.