BTC/USD is trading higher on Monday as it broke above the trend line joining 9948.98 and 7599.98. It is currently trading at 7665 levels at the time of writing (Bitstamp).

On the topside, the pair is hovering around 7707 (Cloud top) and a decisive break above would see further upside in the pair targeting 7773 (Upper Bollinger)/7861 (50% retracement of 9948.98 and 5774.72)/8000/8354.

On the downside, support is seen at 7425 (7-DMA) and any violation would see it testing 7333(90-EMA)/7211 (2h 50-SMA). Further weakness would target 7129 (10-DMA)/7000 (55-EMA).

Momentum studies: Technical indicators are bullish on the daily and intraday charts. We could see some consolidation around cloud top, but overall bias appears bullish at press time.

Recommendation: Good to go long on break above cloud. SL: 7300. TP: 7770/7850/8000.