BTC/USD closed at 4749 levels on Tuesday after it failed to sustain its break above 4900 levels. It is currently trading at 4788 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4523.96

Kijun Sen: 4186.48

On the upside, a break above 4789 (1h 20-SMA) would target 4911 (daily upper Bollinger)/4946 (trend line joining 4122.70 and 4909.97)/4979.90 (September 02 high)/5000. Further strength would see it testing 5111 (113% extension of 2972 and 4865)/5240 (113% retracement of 4979.90 and 2972.01).

On the flipside, support is seen at 4661 (5-DMA) and any violation would drag the pair to 4607 (2h 50-SMA)/4490 (10-DMA). Further weakness would see it testing 4430 (trend line joining 3514 and 4137.96) /4353 (4h 100-EMA)/4251 (20-DMA).

Momentum studies: On the daily chart, 5-DMA is biased sharply higher, RSI is holding at 66, and MACD line is above the signal line suggesting bullish bias. However, caution is advised as stochs are in the overbought zone and the doji formation.

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