BTC/USD plunged to 6627 levels (two-month low) on June 10 following reports on the hack of South Korean crypto exchange Coinrail. It is currently trading at 6788 levels at the time of writing (Bitstamp).

On the upside, immediate resistance is seen at 6829 (1h 20-SMA) and a consistent break above would target 7086 (2h 20-SMA)/7434 (20-DMA). Further strength would see the pair testing 7658 (3h 200-SMA)/7910 (4h 200-SMA).

On the downside, the pair has found support near 6647 (113% extension of 9948.98 and 7026.90) and any violation would drag the pair to 6427 (April 1 low)/6232. Further weakness would see it testing 5920 (February 06 low).

Momentum studies: Bias is bearish on the daily chart as the pair broke below 7000 levels. RSI is near oversold levels, stochs are biased sharly lower, and MACD is on the verge of a bearish crossover.

Recommendation: Good to go short on rallies around 6800/6900. SL: 7200. TP: 6450/6250/6000.

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