BTC/USD broke above the trend line joining 9948.98 and 6820 and hit 6755 levels. It is currently trading at 6678 levels at the time of writing (Bitstamp).

On the topside, the pair faces strong resistance at 6718 (convergence of 50-DMA and cloud bottom) and a break above would target 6867 (55-EMA)/7000. Further strength would target 7188 (1w 55-EMA)/7303 (90-EMA).

On the downside, the pair is likely to find support at 6515 (1h 55-EMA) and a break below would drag it to 6444 (20-DMA)/6364 (1h 100-SMA). Further weakness would test 6288(1h cloud bottom)/ 6185 (trend line joining 5774.72 and 6072)/6000.

Momentum studies: Technical indicators suggest bullish bias on the daily chart –RSI is at 54, bullish MACD crossover, and stochs biased higher.

Recommendation: Good to go long on decisive break above 50-DMA. SL: 6400. TP: 6860/7000.