BTC/USD continues to consolidate in a close range on Wednesday as it faces strong resistance at 20-DMA. It is currently trading at 8846 levels at the time of writing (Bitstamp).

On the topside, immediate resistance is seen at 9140 (20-DMA) and a break above would see the pair testing 9664 (3h 200-SMA)/10000. Further strength would target 10401 (4h 200-SMA)/10738 (90-EMA)/11171 (38.2% retracement of 19666 and 5920.72).

On the reverse side, support is seen at 8148 (200-DMA) and any violation would drag the pair to 7505 (3h Cloud bottom)/7000. Further weakness would see the pair testing 6496 (lower Bollinger)/5920 (February 06 low).

Momentum studies: On the daily chart, MACD line is above the signal line and stochs are biased higher, while RSI is below the 50-mark. The pair continues to consolidate in a narrow range in the downward sloping channel and a break above 20-DMA, coupled with RSI moving above 50, could see a jump to 10737 levels.

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