BTC/USD is trading in a narrow range just shy of 20-DMA. It is currently trading at 2615 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2550

Kijun Sen: 2415

On the upside, a consistent break above 2640 (20-DMA) would see further upside in the pair, targeting 2760 (May 25 high)/ 2878 (113% retracement of 2760 and 1850). Further strength would take it to 2933 (June 06 high)/ 2980 (June 12 high).

Support is seen at 2567 (5-DMA) and a break below would see a dip till 2449 (4h 200-SMA)/2391 (50% retracement of 1850 and 2933). Further weakness would drag it to 2281 (61.8% retracement of 1850 and 2980)/2191 (50-DMA).

Momentum studies: On the daily chart, RSI continues to hold above 50 and stochs are biased higher. MACD line is below the signal line, while downward momentum appears to be waning.

On the 4-hour chart, the pair has broken above major resistance at 50-SMA and trying to hold above that level. MACD, RSI, and stochs suggest bullish bias.

On the 2-hour chart, the pair is facing strong resistance at 2669 (200-SMA) and further upside would be seen only on a close above.

Recommendation: Traders are preferred to wait for a confirmed signal on the daily charts. Further bullishness would be seen only on a close above 20-DMA.