BTC/USD is trading tad lower on Wednesday as it stopped short of key resistance at 6750 (4h 200-SMA). It is currently trading in a close range below 6500 levels at the time of writing (Bitstamp).
On the upside, immediate resistance is seen at 6541 (1h 50-SMA) and a break above would test 6750 (4h 200-SMA)/ 6877 (Upper Bollinger)/7000. Further strength would target 7094 (55-EMA)/7170 (23.6% retracement of 11688 and 5774.72).
On the flipside, support is likely to be found at 6373 (20-DMA) and any violation would see it testing 6283 (10-DMA) /6043 (4h cloud bottom). Further weakness would target 5920 (February 06 low)/5780 (June 24 low).
Momentum studies: On the daily chart, RSI is below 50, while stochs are biased higher and MACD line is above the signal line.
A break above 4h 200-SMA, couple with RSI above 50, could see a jump till 6900 levels. On the contrary, a breach of 20-DMA support could see the pair testing 6000 levels.
Recommendation: Wait for clear directional bias.
