BTC/USD is trading in a narrow range on Thursday and hovering around 50-DMA. It is currently trading at 2551 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2580.50

Kijun Sen: 2384

On the upside, the pair faces resistance at 2609 (10-DMA) and a break above would target 2665 (7-DMA)/2717 (trend line joining 1850 and 2120). Further strength would see it testing 2740 (trend line joining 2938 and 2882)/2824 (4h upper Bollinger)/ 2938 (July 20 high).

On the reverse side, a close below 2539 (50-DMA) would drag the pair to 2441 (20-DMA)/2414 (55-EMA)/2384 (50% retracement of 1830 and 2938). Further weakness would see it testing 2290 (Cloud bottom)/2253.

Momentum studies: On the daily chart, RSI is holding above 50 and MACD line is above the signal line. However, stochs have rolled over from the overbought zone and are biased lower. Also, 5-DMA is now pointing south.

On the 4-hour chart, the pair has bounced off 100-SMA and trading in a choppy trade with RSI weak at 46. However, stochs are biased higher.

On the weekly chart, RSI is at 62, while MACD is on the verge of a bearish crossover. The pair is trading well above 5-SMA, which is currently flatlined. Overall bias appears neutral at the moment.

Recommendation: Wait for clear directional bias.

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