BTC/USD closed below 6000 levels on Thursday and is currently trading at 5879 levels at the time of writing (Bitstamp).

On the upside, the pair will run into resistance at 6073 (7-DMA) and a break above would see it testing 6204 (10-DMA)/6280 (trend line joining 9948.98 and 7750). Further strength would target 6399 (20-DMA)/ 6710 (3h 200-SMA)/7000.

On the downside, the pair has found support near 5772 (trend line joining 5920.72 and 5780) and any violation would drag it to 5622 (113% extension of 9948.98 and 6120)/5555 (November 12 2017 low).

Momentum studies: Technical indicators remain bearish on the daily chart. The pair has found strong trend line support at 5772 and a break below would see further downside.

Call Update: We recommended staying short in our previous call. The pair has hit TP1.

Recommendation: Bias bearish, stay short. Trail SL to 6450. TP: 5630/ 5560.