BTC/USD continues choppy trade on Thursday as it tries to hold above 6000 levels. It is currently trading at 6100 levels at the time of writing (Bitstamp).

On the upside, resistance is seen at 6291 (4h 50-SMA) and a break above would see the pair testing 6350 (trend line joining 9948.98 and 7750)/6492 (20-DMA). Further strength would target 6778 (3h 200-SMA)/7000.

On the flipside, a consistent break below 6000 would further weaken the pair to 5920 (February 06 low)/ 5780 (June 24 low)/ 5622 (113% extension of 9948.98 and 6120)/5555 (November 12 2017 low).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 35, stochs biased lower, and the price action below major moving averages.

Call Update: We recommended staying short in our previous call. The pair has hit TP1.

Recommendation: Hold for targets. SL: 6700. TP: 5800/5630.