# FxWirePro: BTC/USD finds trend line support at 6200, good to go short on break below

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/investing/388
Published: 2018-09-18T07:25:36.000Z
Updated: 2018-09-18T07:25:36.000Z
Section: Investing

> (Refer BTC/USD chart on Trading View) BTC/USD fell to 6200 on Monday after it failed to break above 21-EMA. The pair is extremely rangebound on Tuesday and trading at 6269 at the time of writing (Bitstamp) On the tops…

(Refer [BTC/USD](<https://www.tradingview.com/symbols/BTCUSD/>) chart on Trading View)

BTC/USD fell to 6200 on Monday after it failed to break above 21-EMA.

The pair is extremely rangebound on Tuesday and trading at 6269 at the time of writing (Bitstamp)

On the topside, a consistent break above 6300 would see the pair testing 6364 (10-DMA)/6405 (23.6% retracement of 7411.85 and 6094.38). Further strength would test 6522 (21-EMA)/6597/6664 (50-DMA)/6700.

On the other hand, the pair has found support near 6196 (trend line joining 5774.72 and 5995.75) and any violation would drag it to 6094 (September 09 low)/6000. Further weakness would see it testing 5920 (February 06 low)/5900.

Bias appears bearish on the daily chart with stochs near oversold levels, RSI below 50, and MACD line below the signal line. The pair has formed a [descending triangle pattern](<https://www.econotimes.com/Bitcoin-price-slides-through-descending-triangle-with-bearish-RSI-and-stochastic-divergence-as-fiasco-1429251>) on the daily chart.

Intraday bias also appears weak. On the 4h chart, the death cross and bearish crossover of 100-SMA and 200-SMA suggest further downside could be on the cards.

Recommendation: Good to go short on break below 6200. SL: 6410. TP: 6100/6000.



## Links in this article

- [BTC/USD](https://www.tradingview.com/symbols/BTCUSD/)
- [descending triangle pattern](https://www.econotimes.com/Bitcoin-price-slides-through-descending-triangle-with-bearish-RSI-and-stochastic-divergence-as-fiasco-1429251)