BTC/USD is trading in a close range on Wednesday and hovering around 10-DMA at 7365 levels at the time of writing (Bitstamp).

On the topside, a decisive break above 7338 (10-DMA) would target 7668 (23.6% retracement of 11688 and 6427.16)/7935 (20-DMA). Further strength would see the pair testing 8172 (3h 200-SMA)/ 8436/ 8772 (4h 200-SMA).

On the flip side, support is likely to be found at 7206 (1h 50-SMA) and any violation would drag the pair to 6699 (1w 50-SMA)/6455 (trend line joining 5920.72 and 6427.16). Further weakness would see it testing 5920 (February 06 low)/5555 (November 12 2017 low).

Momentum studies: Bias appear neutral on the daily chart as stochs have rolled over from the oversold zone, MACD appears to be on the verge of a bullish crossover, and the price action is moving away from lower Bollinger, while RSI is weak at 39.

Momentum studies on hourly charts appear inconclusive at the time of writing.

Recommendation: Wait for a clear directional bias.

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