FxWirePro: BTC/USD consolidates in narrow range, further weakness on close below 21-EMA
Thu, 02 Aug 2018, 07:30 am UTC
BTC/USD is consolidating in a narrow range on Thursday after it found support at 90-EMA (Bitstamp).
The pair is currently trading at 7644 levels at the time of writing.
On the topside, the pair faces immediate resistance at 7687 (1h 50-SMA) and a break above would see it testing 7737 (2h 200-SMA)/7869 (5-DMA)/8027 (10-DMA). Further strength would target 8290 (trend line joining 11688 and 8496.96).
On the downside, the pair is currently holding 21-EMA support at 7578 and a break below is likely to find next support at 7470 (90-EMA). Further weakness would drag it to 7308 (55-EMA)/7182 (Cloud top)/7101 (4h 200-SMA).
Momentum Studies: On the daily chart, the pair is consolidating in a narrow range. RSI is holding above 50, while bearish MACD crossover and stochs are biased lower.
Watch out for a decisive break below 21-EMA for further downside in the pair.
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