BTC/USD continues to consolidate in a narrow range on Thursday as it struggles for a consistent break above 55-EMA. It is currently trading at 8153 levels at the time of writing (Bitstamp).

On the topside, resistance is seen at 8388 (55-EMA) and a break above would target 8547 (upper Bollinger)/ 8850 (Cloud bottom)/9000. Further strength would target 9164 (23.6% retracement of 19666 and 5920.72)/9709 (200-DMA).

On the downside, support is seen at 7822 (10-DMA) and any violation would drag the pair to 7367 (20-DMA)/7000. Further weakness would target 6590 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, RSI is holding at 55, MACD line is above the signal line, and stochs are near overbought levels. The pair is extremely rangebound and intraday bias appears inconclusive at the time of writing.

Recommendation: Wait for a confirmed signal on the daily chart.

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