BTC/USD remains rangebound on Wednesday with its upside capped by 10-DMA. It is currently trading at 6828 levels at the time of writing (Bitstamp).
On the topside, immediate resistance is seen at 6903 (10-DMA) and a break above would target 7179 (4h 100-SMA)/7325 (20-DMA). Further strength would see the pair testing 7668 (23.6% retracement of 11688 and 6427.16)/7923 (4h 200-SMA).
On the downside, support is likely to be found at 6520 (trend line joining 5920.72 and 6427.16) and any violation would drag the pair to 6191 (trend line joining 5555.55 and 5920.72)/ 5920 (February 06 low)/ 5555 (November 12 2017 low).
Momentum studies: Overall bias remains bearish with the pair’s upside capped by 10-DMA, major moving averages biased lower, RSI weak at 38 and stochs near oversold levels.
However, the pair is extremely rangebound and intraday bias appears neutral.
Watch out for a break below trend line support at 6520 for further downside in the pair.
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