BTC/USD is trading in a narrow range on Wednesday and its upside is being capped by 2354 (200% extension of 891.33 and 1623.01). It is currently trading at 2227 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2305.05

Kijun Sen: 2132.55

On the upside, the pair faces strong resistance 2305 (50% retracement of 2760 and 1850) and a break above would target 2354 (200% extension of 891.33 and 1623.01)/2412 (61.8% retracement of 2760 and 1850)/2481 (May 24 high).

RSI is holding above 50, however, MACD line is below signal line, and stochs suggest lower bias. Traders are preferred to wait for a confirmed signal on daily charts. Momentum studies suggest bearish bias on the 2-hour and 4-hour charts.

On the hourly charts, the pair is currently hovering around 2201 (2h 50-SMA) and a decisive break below would see a dip till 2180 (50% retracement of 1601.46 and 2760)/2085 (2h 200-SMA). Further weakness would confirm bearishness in the pair, dragging it to 1850 (May 27 low).