BTC/USD closed below 100-DMA on Monday at 10808 levels. The pair continues to trade below 100-DMA at 10336 levels at the time of writing (Bitstamp).

On the topside, immediate resistance is seen at 10695 (1h 20-SMA) and a break above would target 11040 (100-DMA)/11665 (2h 50-SMA). Further strength would see it testing 11831 (10-DMA)/12000/12610 (Cloud bottom)/13000.

On the flipside, support is seen at 9888 (trend line joining 11159.93 and 10162) and any violation would target 9555 (trend line joining 5555.55 and 9222)/9466 (1w 20-SMA)/9349 (61.8% retracement of 2972.01 and 19666). Further weakness would drag it to 9222 (January 17 low)/9000/8575 (78.6% retracement of 5555.55 and 19666).

Momentum studies: Bias appears bearish on the daily chart with RSI weak at 36, MACD line below the signal line and stochs biased lower.

Bias appears bearish on the weekly chart as well. The pair sees strong support at 20-SMA (9466 levels) and a break below will confirm further downside in the pair.

Recommendation: Good to go short on rallies around 10600. SL: 11850. TP: 9888/9555/9466.

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