BTC/USD is trading in an extremely narrow range on Thursday as the breach of the trend line resistance failed to trigger any significant upside momentum. It is currently trading at 2603 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2506.90

Kijun Sen: 2550

On the upside, the pair faces stiff resistance at 2618 (4h 200-SMA) and a decisive break above would see it testing 2651 (61.8% retracement of 2980 and 2120)/2682 (78.6% retracement of 2789 and 2291). Further strength would see it testing 2760 (May 25)/ 2789 (June21 high)/2853.

On the downside, support is seen at 2539 (10-DMA) and any violation would target 2482 (50-DMA)/2469 (convergence of cloud top and trend line joining 2980 and 2789). Further weakness would drag it to 2419 (trend line joining 1850 and 2120)/2374 (July 02 low).

Momentum studies: On the daily chart, RSI is at 54, with lower bias; MACD appears on the verge of a bullish crossover; stochs are biased higher. Moreover, 5- and 10-DMAs are now slightly biased upwards.

Recommendation: Good to go long on break above 2618. SL: 2552. TP: 2649.

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