BTC/USD recovered from the lows of 6120 to 6708 levels on the back recent comments from the US SEC official that bitcoin and ether are not securities. It is currently trading at 6584 levels at the time of writing (Bitstamp).

On the topside, resistance is seen at 6691 (2h 55-EMA) and a break above would see it testing 7022 (10-DMA)/7249 (20-DMA). Further strength would target 7648 (4h 200-SMA).

On the downside, support is seen at 6480 (1h 50-SMA) and a break below would test 6127 (trend line joining 5920.72 and 6120)/5920 (February 06 low). Further weakness would drag it to 5555 (November 12 2017 low).

Momentum studies: On the daily chart, the price action remains well below major moving averages, RSI is weak at 34, and MACD line is below the signal line, suggesting scope for further downside. However, caution is advised as stochs have rolled over from oversold levels.

Watch out for a break below trend line support for further bearishness in the pair.