BTC/USD remained rangebound during the week and is currently hovering around 50-DMA at 8290 levels at the time of writing (Bitstamp).

On the topside, a consistent break above 8328 (50-DMA) would target 8680 (Upper Bollinger)/8850 (Cloud bottom). Further strength would see the pair testing 9164 (23.6% retracement of 19666 and 5920.72)/9328 (100-DMA)/9729 (200-DMA).

On the downside, support is likely to be found at 7978 (10-DMA) and a break below would target 7440 (20-DMA)/6967 (1w 50-SMA). Further weakness would target 6604 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, RSI is strong at 56, MACD line is above the signal line, and stochs are at overbought levels, suggesting bullish bias. However, the “death cross” and the bearish crossover of 100- and 200-DMA call for high caution.

On the weekly chart, RSI is below 50 and MACD line is below the signal line, which stochs are rolling over from the oversold zone. Overall bias appears neutral.

Recommendation: Wait for clear directional bias.

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