BTC/USD is trading in a narrow range on Friday and eyeing trend line resistance at 7652 levels. It is currently trading at 7574 levels at the time of writing (Bitstamp).
On the top side, a decisive break above 7652 (trend line joining 9948.98 and 8589.10) would see the pair testing 7720 (1w 50-SMA)/7896 (20-DMA)/8000. Further strength would target 8188 (Cloud bottom)/8513 (50-DMA).
On the downside, support is seen at 7426 (10-DMA) and a break below would test 7382 (1h 100-SMA)/ 7180 (78.6% retracement of 6427.16 and 9948.98). Further weakness would target 7000 (trend line joining 5920.72 and 6427.16).
Momentum studies: On the daily chart, RSI is at 41, while stochs have rolled over from the oversold zone and are biased higher, and MACD appears to be on the verge of a bullish crossover. Intraday bias appears bullish.
A break above trend line resistance at 7652 would see minor bullishness in the pair, targeting 7720/7900.
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