BTC/USD is consolidating in a narrow range on Thursday as it struggles for a consistent break above 8300 levels. It is currently trading at 8250 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 7481.73

Kijun Sen: 6955

On the upside, a decisive break above 8300 levels would target 8430 (trend line joining 7888 and 8354)/8522 (127.2% retracement of 7888 and 5555.55)/8541 (trend line joining 4979.90 and 7888). Further strength would see it testing 8600/8686 (Upper Bollinger)/8718 (113% extension of 5555.55 and 8354).

On the flip side, support is seen at 8157 (5-DMA) and any violation would see it testing 8092 (2h 50-SMA)/7990 (3h 50-SMA)/7796 (10-DMA). Further weakness would drag it to 7693 (23.6% retracement of 5555.55 and 8354)/7495 (4h 90-EMA).

Momentum studies: Bias remains bullish on the daily chart with no signs of reversal with the pair holding above 5-DMA, RSI holding at 67, and MACD line is above the signal line. However, cautions is advised as stochs are in the overbought zone.

Call Update: We recommended going long in our previous call. Bias remains bullish.

Recommendation: Hold for targets.

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