BTC/USD bounced off 4h 200-SMA and closed at 4396 on Tuesday. It is currently trading at 4411 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4490.91

Kijun Sen: 4283.42

On the upside, resistance is seen at 4480 (August 17 high) and a break above would target 4546 (10-DMA)/4606 (61.8% retracement of 4979.90 and 4001.93). Further strength would see the pair testing 4649 (August 29 high)/4770/4800/4935 (trend line joining 2980 and 4480).

On the downside, short-term support is seen at 4361 (20-DMA) and a break below would target 4318 (trend line joining 1830 and 3600)/4300 (1h 50-SMA). Further weakness would drag it to 4236 (23.6% retracement of 1830 and 4979.90)/4127 (61.8% retracement of 3600 and 4979.90)/4042 (4h 200-SMA).

On the daily chart stochs and MACD suggest bearish bias, while RSI is holding above the 50 mark. The pair is trading in a tight range and a consistent break below 4318 would see further downside.

Some weakness could be seen on the hourly chart, with MACD on the verge of a bearish crossover and stochs biased lower. RSI is holding at 53. The pair is facing strong resistance at 4544 (1h 200-SMA) and further upward move could be seen only above this level.

Recommendation: Wait for clear directional bias.

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