BTC/USD broke below the 3000 mark on September 15 and hit 2972 levels. However, the pair has reversed its trend and is currently trading at 3960 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3674.83

Kijun Sen: 3975.95

On the upside, the pair faces resistance at 3975 (50% retracement of 4979.90 and 2972) and a consistent break above would target 4009 (trend line joining 4979.90 and 4377.65)/4078 (15-DMA). Further strength would target 4168 (2h 200-SMA)/ 4212/ 4230 (20-DMA)/4300/4377 (September 12 high)/ 4400/4480 (August 17 high)/4550.

On the downside, support is likely to be found at 3862 (1h 200-SMA) and a break below would target 3776 (38.2% retracement of 1830 and 4979.90)/3678 (1h 50-SMA)/3597 (1h 100-SMA)/ 3500/ 3463 (September 17 low)/ 3404/3370 (100-EMA).

Momentum studies: On the daily chart, the pair has restored its strength to above Ichimoku cloud; RSI is at 47, biased higher; and stochs are biased higher. However, MACD line is below the signal line.

Bias appears bullish on the hourly charts. Watch out for a break above trendline resistance at 4009.

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