FxWirePro: BTC/USD hovers around 61.8% fib support, break below to see further downside

(Refer BTC/USD chart on Trading View)

BTC/USD managed to close above 61.8% fib retracement of 5880 and 7411.85 on Thursday (Bitstamp).

The pair is trading in a narrow range on Friday and hovering around 61.8% fib support at 6465 at the time of writing.

On the upside, a decisive break above 6500 would see the pair testing 6596 (2h 21-EMA)/6663 (1h 50-SMA). Further strength would target 6773 (4h 21-EMA)/6852 (5-DMA)/7000.

On the down side, a consistent break below 6465 (61.8% retracement of 5880 and 7411.85) would drag it to 6355 (61.8% retracement of 5880 and 7125.28)/6253 (September 6 low)/6207/6129 (1w 90-EMA)/6000.

Technical indicators are bearish on the daily chart with bearish MACD crossover, RSI below 50, and stochs near oversold levels. In addition, 5- and 10-DMAs are also biased lower.

A decisive break below 61.8% fib could see further weakness in the pair.