BTC/USD is trading in the red after it hit a fresh all-time high at 4979 levels on September 02. It is currently trading at 4334 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4574.45

Kijun Sen: 4145.53

The pair is currently hovering around 4358 (20-DMA) and a consistent upward move would target 4397 (4h 90-EMA)/4488 (4h 5-SMA). Further strength would see it testing 4542 (10-DMA)/4589 (2h 55-EMA)/4666 (2h 50-SMA)/4715 (61.6% retracement of 4979 and 4286)/4891 (trend line joining 2980 and 4480).

On the flip side, the pair has found support near 4284 (convergence of 1w 5-SMA and trend line joining 1830 and 2615) and a break below would drag it to 4236 (23.6% retracement of 1830 and 4979)/4169 (August 28 low)/4127 (61.8% retracement of 3600 and 4979)/4015 (23.6% retracement of 891.33 and 4979)/3955 (4h 200-SMA)/3870 (lower Bollinger)/3776/3600 (August 22 low).

Bias has turned bearish on the daily chart with RSI, stochs, and MACD biased lower. A close below 20-DMA would confirm further bearishness.

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