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FxWirePro: BTC/USD finds support near cloud bottom, bias bearish, stay short

Wed, 08 Aug 2018, 06:32 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD crashed to near 6400 levels as the U.S. Securities and Exchange Commission (SEC) postponed its decision on the VanEck-SolidX bitcoin exchange-traded fund (ETF).

The pair is over 4 percent down so far in the day and currently trading at 6540 levels at the time of writing (Bitstamp).

On the upside, resistance is seen at 6652 (1h 10-SMA) and a break above would target 6842 (5-DMA)/6903 (Cloud top). Further strength would see it testing 7000/7217 (4h 200-SMA).

On the downside, the pair seems to have paused its downtrend just shy of cloud support at 6377 and any violation would drag it to 6200/6120 (June 13 low)/6078 (1w 90-EMA). Further weakness would see it testing 6000/5920 (February 6 low)/ 5810 (trend line joining 5555.55 and 5774.72).

Momentum Studies: Technical indicators are highly bearish on the daily chart – RSI is weak at 34, MACD line is below the signal line and stochs are in the oversold zone. We could see some consolidation around cloud bottom but overall bias is bearish

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

Recommendation: Book partial profits, stay short. Trail SL to 7200. TP: 6200/6120/6000.

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