BTC/USD dropped to 5555 levels over the weekend as the effort for Segwit2x was called off. Today, the pair has retraced its strength to above 6000 levels and is currently trading at 6293 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 6721

Kijun Sen: 6627

On the upside, resistance is seen at 6452 (5-DMA) and a break above would see it testing 6500/6565 (20-DMA). Further strength would target 6646 (4h 90-EMA)/6725 (2h 200-SMA)/6856 (10-DMA)/6997 (61.8% retracement of 7888 and 5555).

On the downside, support is seen at 6188 (4h 200-SMA) and any violation would drag the pair to 6010 (38.2% retracement of 2972.01 and 7888)/5787 (4h lower Bollinger). Further weakness would see it testing 5597 (50-DMA)/5555 (November 12 low)/5430/5385 (Lower Bolinger).

Momentum studies: On the daily chart, RSI is at 50, stochs are biased lower, and MACD line is below the signal line. The pair’s upside is being capped by 5-DMA and it has taken support near 50-DMA. A break below 50-DMA would see further downside in the pair.

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