BTC/USD is trading in a narrow range on Friday as it tries to hold above Ichimoku cloud. It is currently trading at 9248 levels at the time of writing (Bitstamp).

On the upside, resistance is seen at 9600 (trend line joining 19666 and 9755.53) and a break above would target 9895 (200-DMA)/10000. Further strength would see the pair testing 10562 (78.6% retracement of 11688 and 6427.16).

On the downside, support is likely to be found at 8897 (10-DMA) and any violation would drag the pair to 8565 (55-EMA)/8233 (50-DMA)/8108 (50-DMA). Further weakness would drive it lower to 7788 (4h 200-SMA)/7126 (1w 50-SMA).

Momentum studies: On the daily chart, RSI is holding above 50 and MACd line is above the signal line, while stochs have rolled over from overbought levels.

Intraday bias appears bullish at the time of writing.

Recommendation: Good to go long on break above trend line resistance. SL: 9000. TP: 9850/10000.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest