BTC/USD is trading in a close range on Wednesday as it tries to hold above 6000 levels. It is currently trading at 6067 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 6212 (7-DMA) and a break above would test 6368 (10-DMA)/6413 (trend line joining 9948.98 and 7750). Further strength would target 6565 (20-DMA)/6840 (3h 200-SMA)/7000.

On the downside, a decisive break below 6000 would drag the pair to 5920 (February 06 low)/ 5780 (June 24 low). Further weakness would see it testing 5622 (113% extension of 9948.98 and 6120)/5555 (November 12, 2017 low).

Momentum studies: Technical indicators suggest bearish bias for the pair on the daily chart. The price action is well below major moving averages. The bear flag pattern also supports further downside in the pair.

Call Update: We recommended staying short in our previous call. The call is progressing well.

Recommendation: Hold for targets. SL: 6700. TP: 6000/5800/5630.