BTC/USD is extremely rangebound on Friday and hovering around 2700 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2454.50

Kijun Sen: 2545

The pair managed to close above 20-DMA, but failed to show any spectacular momentum. The upside is being capped by the trend line joining 2980 and 2789 at 2745 levels. A consistent break above will see further bullishness in the pair and would target 2795 (78.6% retracement of 2980 and 2120)/ 2878 (113% retracement of 2760 and 1850). Further strength would see it soaring to 2933 (June 06 high)/ 2980 (June 12 high).

Support is seen at 2678 (20-DMA) and a break below would see a dip till 2591 (10-DMA)/2454 (50% retracement of 2120 and 2789)/2375. Further weakness would drag it to 2265 (50-DMA)/2120 (June 15 low).

Momentum studies: On the daily chart, RSI continues to hold above 50. MACD line is below the signal line with waning downward momentum. Also, 5- and 10-DMA are biased higher.

Bias appears slightly bearish on the 4-hour chart and a break below 2682 (4h 100-SMA) could see a dip till 2583 (4h 50-SMA).

On the 2-hour chart, bias appears weak as well. However, the pair could be seen trading in a channel pattern.

Overall trend remains bullish on the weekly charts: RSI is strong at 75, MACD line is above the signal line and major moving averages are biased higher.

Recommendation: Wait for clear directional bias.

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