BTC/USD is consolidating in a narrow range on Monday and is trading at 7611 levels at the time of writing (Bitstamp).

On the top side, the pair is currently facing strong resistance at 7747 (20-DMA) and a break above would see it soaring to 8000/8188 (Cloud bottom). Further strength would target 8336 (4h 200-SMA)/8486 (50-DMA).

On the downside, immediate support is seen at 7584 (2h 50-SMA) and a decisive break below would test 7460 (10-DMA)/ 7180 (78.6% retracement of 6427.16 and 9948.98). Further weakness would drag it to 7027 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, RSI is weak at 43, while are biased higher, and MACD line is above the signal line.

Bias has turned bearish on the hourly charts as the pair ran into resistance at 2h 200-SMA.

The pair is trading in a close range and a decisive break above 20-DMA could see a jump till cloud bottom.

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