BTC/USD has bounced off from near 7000 levels and is currently trading at 7472 levels at the time of writing (Bitstamp).

Recently, a number of experts made bullish comments on bitcoin. Blockchain Capital’s Spencer Bogart recently told CNBC that investors should just keep buying bitcoin. In an interview with Bloomberg, Pantera CEO Dan Morehead said Bitcoin “is a screaming buy right now.”

On the top side, the pair faces resistance at 7567 (10-DMA) and a break above would target 7789 (3h 100-SMA)/7988 (20-DMA). Further strength would target 8113 (Cloud bottom)/8361 (55-EMA)/8506 (50-DMA).

On the flipside, support is seen at 7293 (1h 50-SMA) and any violation would see the pair testing 6983 (trend line joining 5920.72 and 6427.16)/6537 (127.2% extension of 9948.98 and 7267.24). Further weakness would drag it to 6427 (April 1 low)/6000.

Momentum studies: On the daily chart, RSI has turned from near oversold levels and stochs are on the verge of a rollover from the oversold zone. Trend reversal could be confirmed only on a decisive break above cloud.

The pair is trading in a close range and traders are preferred to wait for a clear directional bias.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest