BTC/USD has bounced off trendline support joining 5920.72 and 5780 and is currently trading at 6332 levels at the time of writing (Bitstamp).

The pair is currently hovering around 20-DMA and a consistent break above 6384 (trend line joining 9948.98 and 6510) would target 6556 (3h 200-SMA)/6798 (4h 200-SMA). Further strength would see it testing 7000/7148 (50-DMA).

On the downside, a break below 6191 (10-DMA) would drag the pair to 6000/5920 (February 06 low). Further weakness would test 5772 (trend line joining 5920.72 and 5780)/ 5622 (113% extension of 9948.98 and 6120)/5555 (November 12 2017 low).

Momentum studies: On the daily chart, MACD line is above the signal line and stochs are biased higher, while RSI is below 50.

The pair is currently hovering around 20-DMA and a consistent break above, coupled with other bullish technical indicators, would see minor bullishness in the pair.