BTC/USD continues to trade in a close range on Thursday as it seeks a break above 7000 levels. It is currently trading at 6930 levels at the time of writing (Bitstamp).

On the topside, a consistent break above 7231 (20-DMA) would target 7668 (23.6% retracement of 11688 and 6427.16)/7862 (4h 200-SMA). Further strength would see it testing 8000/8442 (55-EMA).

On the downside, support is likely to be found at 6854 (1h 50-SMA) and any violation would drag it to 6528 (trend line joining 5920.72 and 6427.16)/ 6196 (trend line joining 5555.55 and 5920.72). Further weakness would target 5920 (February 06 low)/ 5555 (November 12 2017 low).

Momentum studies: Intraday bias appears neutral as the pair continues rangebound trade.

Bias remains bearish on the weekly chart with RSI below 50, MACD line below the signal line, and stochs in oversold zone. A decisive break below 6803 (1w 50-SMA) would see further downside in the pair.

Recommendation: Wait for clear directional bias.

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