BTC/USD has is trading higher on Monday at 7100 levels at the time of writing (Bitstamp).

On the topside, resistance is likely to be found at 7538 (20-DMA) and a break above would see the pair testing 7738 (3h 200-SMA)/ 8188 (4h 200-SMA). Further strength would target 8436 (38.2% retracement of 11688 and 6427.16)/8888 (50-DMA)/8954 (Cloud bottom).

On the flip side, support is seen at 6944 (10-DMA) and a break below would target 6500 (trend line joining 5920.72 and 6427.16)/6183 (trend line joining 5555.55 and 5920.72). Further weakness would drag it to 5920 (February 06 low)/ 5555 (November 12 2017 low).

Momentum studies: On the daily chart, RSI is at 41 with an upward bias and stochs have rolled over from the oversold zone. The pair faces strong resistance at 20-DMA and a decisive break above could see minor bullishness in the pair.

Intraday bias appears bullish and a jump to 7500 could be on the cards.

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