BTC/USD is trading in a narrow range on Thursday after falling to 3178 levels on August 9th. It is currently trading at 3385 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3070

Kijun Sen: 2660

The pair is has broken above 3371 (1h 50-SMA) and now targets 3430 (August 07 high)/ 3490 (August 08 high). Further strength would see it testing 3546 (trend line joining 2938 and 3490)/ 3586 (127.2% extension of 751.34 and 2980)/3690 (161.8% retracement of 2980 and 1830).

On the reverse side, support is seen at 3291 (1h 100-EMA) and a break below would target 3263 (7-DMA)/3178 (August 09 low)/ 3100 (1h 200-SMA). Further weakness would see it testing 3073 (38.2% retracement of 2400 and 3490)/ 2945/ 2911 (20-DMA).

the pair has taken support near 3174 (5-DMA) and a break below would drag it to 3052 (20-DMA)/3009 (trend line joining 1830 and 2615). Further weakness would target 2934 (4h 100-EMA)/2862 (4h 100-SMA)/ 2800.

Momentum studies: On the daily chart, RSI is strong at 67 and MACD line is above the signal line. However, caution is advised as stochs are in the overbought zone.

On the 2-hour chart, the pair is holding above the cloud. Bias appears bullish with RSI at 54, and stochs biased higher.

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