BTC/USD is trading lower on Thursday as it broke below 4h cloud support. It is currently trading at 6192 levels at the time of writing (Bitstamp).

On the upside, the pair would face resistance at 6407 (4h 100-SMA) and a break above would see it testing 6498 (21-EMA)/6568 (trend line joining 9948.98 and 6820)/6634 (2h cloud bottom). Further strength would target 6759 (23.6% retracement of 9948.98 and 5774.72)

On the downside, the pair has broken below 6314 (4h cloud bottom) and now likely to test 6120 (June 13 low)/6000. Further weakness would target 5920 (February 06 low)/ 5780 (June 24 low).

Momentum studies: Bias remains bearish on the daily chart with MACD on the verge of a bearish crossover, RSI weak at 40, and stochs biased sharply lower. Bias is bearish on hourly charts as well.

Call Update: We recommended going short in our previous call. The call is progressing well.

Recommendation: Hold for targets. SL: 6600. TP: 6120/6000/5920.