BTC/USD is trading in a very narrow range on Thursday after being rejected at 2800 levels. It is currently trading at 2650 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2640.50

Kijun Sen: 2510.74

On the upside, the pair is trading just shy of 2666 (20-DMA) and a close above would see further upside, targeting 2760 (May 25 high)/ 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 2584 (10-DMA) and a break below would see a dip till 2454 (50% retracement of 2120 and 2789)/2375. Further weakness would drag it to 2240 (50-DMA)/2120 (June 15 low).

Momentum studies: On the daily chart, RSI is at 54 and stochs are biased higher. MACD line is below the signal line, with fading downward momentum.

Bias appears bearish on the 4-hour chart: the pair has broken below 100-SMA, RSI is weak at 49, bearish crossover of MACD and stochs biased lower. Similar is the case on the 2-hour chart.

Recommendation: Overall bias is neutral. Traders are preferred to wait for a confirmed signal on the daily charts.

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