BTC/USD is extremely rangebound on Thursday and is trading at 6747 levels at the time of writing (Bitstamp).

On the topside, the pair faces resistance at 6814 (trend line joining 9948.98 and 7750) and a decisive break above would target 6938 (4h 100-SMA)/7018 (20-DMA). Further strength would see it testing 7312 (4h 200-SMA)/ 7582 (38.2% retracement of 9948.98 and 6120).

On the flipside, support is seen at 6579 (10-DMA) and any violation would test 6427 (April 1 low)/ 6132 (trend line joining 5920.72 and 6120)/6005 (lower Bollinger). Further weakness would target 5920 (February 06 low)/5622 (113% extension of 9948.98 and 6120).

Momentum studies: Bias appears neutral on the daily chart with the pair trading in close range for the past couple of sessions. The upside is capped by strong trend line resistance and the bear flag pattern suggests scope for further bearishness.

Watch out for a break below 10-DMA for scope for further downside.