BTC/USD is consolidating in a narrow range as it faces strong trend line resistance at 4678 levels. It is currently trading at 4600 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4350.86

Kijun Sen: 3897.94

On the upside, immediate resistance is seen at 4678 (trend line joining 4480 and 4649) and a break above would target 4719 (113% retracement of 4480 and 3600)/4800 (trend line joining 2980 and 4480). Further strength would see it testing 4824 (113% extension of 1830 and 4480)/4900/5023.

On the flip side, support is likely to be found at 4580 (2h 20-SMA) and any violation would drag it to 4548 (1h 50-SMA)/4494 (5-DMA). Further weakness would see it testing 4437 (1h 100-SMA)/4365 (10-DMA)/4300/ 4246 (20-DMA).

Overall bias appears bullish with RSI is holding at 74 and major moving averages biased higher. However, caution is advised as stochs are at overbought levels. A break above 4678 would see further upside in the pair.

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