BTC/USD broke above 5-DMA on Thursday and has hit 2425 levels so far in the day. However, it failed to hold above and is now trading at 2369 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2431.27

Kijun Sen: 2514.27

On the upside, immediate resistance is seen at 2438 (10-EMA) and a break above would target 2482 (cloud top)/2500 (trend line joining 2980 and 2639). Further strength would see it testing 2528 (50-DMA)/ 2550 (50% retracement of 2980 and 2120).

On the downside, the pair has found support near 2263 (61.8% retracement of 1850 and 2933) and any violation would target 2182 (38.2% retracement of 891.33 and 2980)/2120 (June 15 low). Further weakness would drag it to 2091 (78.6% retracement of 1850 and 2980)/2008 (100-DMA).

Momentum studies: Overall bias appears weak on the daily chart with RSI weak at 43 and the MACD line below the signal line. The bearish crossovers of short-term moving averages also suggest a scope for further downside. Bias remains weak on the weekly chart as well.

On the 2-hour chart, the pair ran into strong resistance at 50-SMA and turned red. RSI is at 50 with lower bias.

Call update: We recommended staying short in our call on July 11.

Recommendation: Hold for targets. SL: 2482. TP: 2182/2120

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest