BTC/USD is trading in the red on Friday after it got rejected at 100-DMA resistance. It is currently trading at 7371 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 7535 (trend line joining 9948.98 and 7599.98) and a break above would target 7624 (100-DMA)/7720 (1w 20-SMA). Further strength would see it testing 7864 (convergence of cloud top and 50% retracement of 99.48 and 5774.72)/8000.

On the downside, support is likely to be found at 7322 (90-EMA) and a decisive break below would drag it to 7250 (5-DMA)/7177 (1h 90-EMA). Further weakness would test 7110 (1h 100-SMA)/7000/ 6902 (38.2% retracement of 5774.72 and 7599.98).

Momentum studies: On the daily chart, MACD is above the signal line and stochs at overbought levels with no major sign of reversal, while RSI is showing a turn from near overbought levels but holding above 50.

The price action is largely flat on the hourly charts and holding above major moving averages.

Recommendation: Wait for clear directional bias.