BTC/USD closed in the red on Wednesday at 6710 levels as it failed to hold above 10-DMA. It is currently trading at 6805 levels at the time of writing (Bitstamp).

On the topside, a decisive break above 7156 (10-DMA) would target 7668 (23.6% retracement of 11688 and 6427.16)/7839 (20-DMA). Further strength would see the pair testing 8086 (3h 200-SMA)/ 8436/ 8625 (4h 200-SMA).

On the flip side, support is likely to be found at 6757 (1h 10-SMA) and a break below would target 6689 6699 (1w 50-SMA)/6463 (trend line joining 5920.72 and 6427.16). Further weakness would drag it to 6289 (Lower Bollinger)/5920 (February 06 low)/5555 (November 12 2017 low).

Momentum studies: Bias appears bearish on the daily chart as the pair rejected at 10-DMA resistance, RSI is below 50, MACD line below the signal line and stochs near oversold levels.

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