BTC/USD is trading higher on Thursday and has almost hit 7600 levels so far in the day. It is currently trading at 7571 levels at the time of writing (Bitstamp).

On the top side, a decisive break above 7600 levels would see the pair testing 7740 (trend line joining 9948.98 and 8589.10)/7894 (2h 200-SMA)/7943 (20-DMA). Further strength would target 8188 (Cloud bottom)/8521 (50-DMA).

On the flipside, support is seen at 7449 (1h 200-SMA) and any violation would drag the pair to 7339 (2h 50-SMA)/7180 (78.6% retracement of 6427.16 and 9948.98). Further weakness would target 6990 (trend line joining 5920.72 and 6427.16).

Momentum studies: On the daily chart, RSI is at 41 with upward bias, stochs have rolled over from the oversold zone, and MACD appears to be on the verge of a bullish crossover. Intraday bias appears bullish.

A decisive break above trend line resistance at 7740 would target 8000 levels.

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