BTC/USD failed to hold above 10-DMA and closed in the red at 6611 levels on Monday. The pair is currently trading at 6733 levels at the time of writing (Bitstamp).

On the topside, resistance is now seen at 6893 (10-DMA) and a break above would target 6939 (1h 200-SMA)/7239 (4h 90-EMA). Further strength would see the pair testing 7414 (20-DMA)/7668 (23.6% retracement of 11688 and 6427.16)/8009 (4h 200-SMA).

On the downside, support is likely to be found at 6511 (trend line joining 5920.72 and 6427.16) and any violation would drag the pair to 6185 (trend line joining 5555.55 and 5920.72)/ 5920 (February 06 low)/ 5555 (November 12 2017 low).

Momentum studies: Bias appears bearish on the daily chart with major moving averages biased lower, RSI weak at 36, and stochs at near oversold levels. Intraday bias also appears bearish.

Watch out for a break below trend line support at 6511 for scope for further downside.

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