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FxWirePro: BTC/USD breaks below 8000, stay short

BTC/USD is trading lower on Thursday as it broke below the trend line joining 5920.72 and 8366. It is currently trading at 7835 levels at the time of writing (Bitstamp).

On the topside, the pair now faces resistance at 8000 and a break above would see it testing 8250 (1h 20-SMA)/8642 (2h 20-SMA). Further strength would target 9081 (200-DMA)/9200 (Cloud bottom)/9753 (50-DMA)/10000.

On the down side, the pair is currently trying to hold above 7759 (161.8% retracement of 9260 and 11688). However, bias is bearish and the pair would now target 7500/7174 (78.6% retracement of 5920.72 and 11780)/7000. Further weakness would drag it to 6544 (78.6% retracement of 2972.01 and 19666)/6310 (1w 50-SMA)/6000.

Momentum studies: Bias remains bearish on the daily chart with RSI near oversold levels at 33, MACD line below the signal line, and stochs at oversold levels. Bias is bearish on intraday and hourly charts as well.

Call Update: We recommended going short in our previous call. All the targets have been hit.

Recommendation: Book partial profit. Bias lower, stay short. Trail SL: 8500. TP: 7500/7174/7000.

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