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FxWirePro: BTC/USD finds trend line support at 9560, bias bearish, good to go short on decisive break below

BTC/USD broke below the trend line support on Tuesday and dropped to 9514 levels. It is currently trading at 9990 levels at the time of writing (Bitstamp).

On the topside, resistance is seen at 10134 (1h 20-SMA) and a break above would target 10541 (2h 20-SMA)/10847 (5-DMA). Further strength would see it testing 11000/11458 (100-DMA)/11725 (20-DMA)/12000/.

On the downside, the pair has found support near 9560 (trend line joining 11159.93 and 10162) and a break below would see it testing 9349 (61.8% retracement of 2972.01 and 19666)/9222 (January 17 low). Further weakness would drag it to 9000/8575 (78.6% retracement of 5555.55 and 19666)/8172 (trend line joining 11159.93 and 9222)/8000.

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 35, bearish MACD crossover, stochs and major moving averages biased lower.

On the weekly chart, the pair is hovering just above 9845 (20-SMA), with stochs biased sharply lower, and bearish MACD crossover. A decisive break below 20-SMA, coupled with RSI falling below 50, would confirm further bearishness in the pair.

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

Recommendation: 1. Exit trade, book profits.
2. Good to go short on break below 9560. SL: 10750. TP: 9349/9222/9000/8575.

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