BTC/USD is trading in a close range on Monday with its upside capped by 10-DMA. It is currently trading at 6433 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 6524 (3h 50-SMA) and a consistent break above would target 6643 (10-DMA) /6959 (3h 100-SMA). Further strength would see the pair soaring to 7111 (20-DMA)/7458 (4h 200-SMA).

On the downside, support is likely to be found at 6125 (trend line joining 5920.72 and 6120) and any violation would drag the pair to 5920 (February 06 low). Further weakness would test 5622 (113% extension of 9948.98 and 6120)/ 5555 (November 12 2017 low).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 33, MACD line below the signal line, stochs near oversold levels, and the price action well below major moving averages.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Bias bearish, stay short. Trail SL to 6800. TP: 6000/ 5920.