BTC/USD is extremely rangebound on Thursday as it failed to break above the trend line joining 19666 and 17234. It is currently trading at 10377 levels at the time of writing (Bitstamp).

On the topside, the pair faces stiff resistance at 10651 (convergence of cloud bottom and trend line resistance joining 19666 and 17234) and a break above would target 11000/11171 (38.2% retracement of 19666 and 5920.72)/11675 (Upper Bollinger). Further strength would target 12208 (100-DMA)/12793/13000.

On the down side, support is seen at 10253 (10-DMA) and a break below would target 9949 (20-DMA)/9635 (4h 200-SMA). Further weakness would drag it to 9349 (61.8% retracement of 2972.01 and 19666)/9000.

Momentum studies: On the daily chart, RSI is holding above 50 and MACD line is above the signal line. However, the price action is extremely rangebound and further bullishness could be seen only on a break above channel top.

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