BTC/USD hit 4649 levels on Wednesday as it broke above 10-DMA. It is currently trading at 4570 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4490.91

Kijun Sen: 4289.95

On the upside, the pair faces resistance at 4606 (61.8% retracement of 4979.90 and 4001.93) and a consistent break above would target 4649 (August 29 high)/4700/4770 . Further strength would see the pair testing 4800/4958 (trend line joining 2980 and 4480).

On the downside, support is seen at 4489 (5-DMA) and any violation would drag it to 4434 (1h 50-SMA)/4394 (20-DMA)/4370 (trend line joining 1830 and 3600). Further weakness would drag it to 4300/ 4236 (23.6% retracement of 1830 and 4979.90)/4127 (61.8% retracement of 3600 and 4979.90)/4095 (4h 200-SMA).

On the daily chart, MACD line is below the signal line, while RSI is at 59. The pair is trading in the red today as it could not close above 4606 levels on September 06. A decisive break above 4649 (August 29 and September 06 high) would see further upside in the pair.

Recommendation: Wait for clear directional bias.

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