BTC/USD remains rangebound on Thursday as it tested key resistance at 4h 200-SMA. It is currently trading at 6600 levels at the time of writing (Bitstamp).

On the upside, a decisive break above 6724 (4h 200-SMA) would target 6909 (Upper Bollinger)/7038 (50-DMA). Further strength would target 7170 (23.6% retracement of 11688 and 5774.72).

On the downside, a break below 6507 (1h 100-SMA) would see the pair testing 6389 (20-DMA)/6300. Further weakness would drag it to 6151 (4h Cloud top)/6000.

Momentum studies: On the daily chart, RSI is at 49 with upward bias, stochs are near overbought levels, and MACD line is above the signal line, suggesting scope for further upside.

However, the bearish divergence in stochs and RSI on the 4h chart calls for high caution (chart below).

Recommendation: Wait for clear directional bias.