BTC/USD is trading in a narrow range after it hit 4674 levels on Thursday. It is currently trading at 4659 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4490.91

Kijun Sen: 4289.95

On the upside, resistance is likely to be found at 4700 levels and a break above would see it testing 4770 (78.6% retracement of 4979.90 and 4001.93)/ 4824 (113% extension of 1830 and 4480). Further strength would see the pair testing 4900/4979 (September 02 high)/5045/5138.

On the downside, support is seen at 4597 (10-DMA) and any violation would drag it to 4508 (5-DMA)/4425 (convergence of 20-DMA and trend line joining 1830 and 3600). Further weakness would drag it to 4371(23.6% retracement of 2400 and 4979.90)/4289 (50% retracement of 3600 and 4979.90)/ 4145 (4h 200-SMA).

On the daily chart, RSI and stochs are biased higher while MACD line is below the signal line. The doji formation on September 7 suggests market indecisiveness, however, the pair closed above 10-DMA.

Bias appears slightly bullish on the 4-hour chart.

Recommendation: Wait for clear directional bias.

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