BTC/USD continues to hold its strength above 6500 levels and is currently trading at 6721 levels at press time (Bitstamp).

The pair is largely unchanged on Monday and faces strong resistance at 6911 (50-DMA). A consistent break above would see it testing 7000/7145 (cloud bottom)/ 7369 (38.2% retracement of 9948.98 and 5774.72).

On the downside, support is seen at 6629 (7-DMA) and a break below would drag it to 6556 (1h 200-SMA)/6406 (20-DMA). Further weakness would target 6283 (4h cloud bottom)/ 6120 (June 13 low)/6000.

Momentum studies: On the daily chart, RSI is holding at 52, MACD line is above the signal line, and stochs are in the overbought zone. The pair faces strong resistance at 50-DMA and a break above would see further upside.

Recommendation: Good to go long on decisive break above 50-DMA. SL: 6400. TP: 7000/7145.