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FxWirePro: BTC/USD hovers around 20-DMA, decisive break below targets 10000

BTC/USD continues to trade in the red on Wednesday and is hovering around 20-DMA. It is currently trading at 10606 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 10799 (1h 20-SMA) and a break above would see it testing 10983 (2h 100-SMA)/11171 (38.2% retracement of 19666 and 5920.72). Further strength would target 11759 (Upper Bollinger)/11935 (Cloud top)/12358 (100-DMA).

On the down side, support is seen at 10172 (50-DMA) and any violation would see the pair testing 10000/ 9503 (Lower Bollinger). Further weakness would drag it to 9349 (61.8% retracement of 2972.01 and 19666)/9105 (Cloud bottom)/8896 (200-DMA).

Momentum studies: On the daily chart, RSI is at 50 with lower bias and stochs have rolled over from overbought levels, suggesting scope for further downside. Intraday bias is also bearish.

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