BTC/USD surged to 9649 levels on Wednesday before closing at 7588 levels. Today, the pair hovering around 200-DMA at 7926 levels at the time of writing (Bitstamp).

On the topside, a decisive break above 7968 (200-DMA) would target 8491 (1h 200-SMA)/8546 (10-DMA)/9164 (23.6% retracement of 19666 and 5920.72). Further strength would see it testing 9338 (4h 90-EMA)/9767 (4h 100-SMA)/9970 (20-DMA).

On the reverse side, support is seen at 7559 (1h 50-SMA) and any violation would drag the pair to 7000/6694 (lower Bollinger)/6544 (78.6% retracement of 2972.01 and 19666). Further weakness would target 6000/5555.55 (November 12 low).

Momentum studies: On the daily chart, stochs and RSI have rolled over from oversold levels, while MACD line is below the signal line. The pair’s upside is currently being capped by 10-DMA and a break above would see further upside.

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