BTC/USD failed to break above 20-DMA and is currently trading at 7440 levels at the time of writing (Bitstamp).

On the top side, a decisive break above 7696 (20-DMA) would see the pair testing 8000/8188 (Cloud bottom). Further strength would target 8494 (100-DMA).

On the downside, the pair is currently hovering around 7456 (10-DMA) and a consistent break below would target 7390 (1w 55-EMA)/ 7180 (78.6% retracement of 6427.16 and 9948.98)/ 7034 (trend line joining 5920.72 and 6427.16). ). Further weakness would drag the pair to 6918 (Lower Bollinger).

Momentum studies: On the daily chart with RSI weak at 39, while MACD line above the signal line and stochs biased higher. Watch out for a break below 1w 55-EMA for a drop till 7000 levels.

Intraday bias is bearish.

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