BTC/USD continues to consolidate inside Ichimoku cloud and is currently trading at 9222 levels at the time of writing (Bitstamp).

On the topside, resistance is likely to be found at 9870 (10-DMA) and a break above would target 10128 (20-DMA)/10506 (90-EMA). Further strength would see it testing 10977 (78.6% retracement of 11688 and 8366)/11577 (Cloud top)/12000.

On the down side, a break below 9040 (convergence of 200-DMA and cloud bottom) would drag the pair to 8680 (trend line joining 5920.72 and 8366)/ 8366 (March 09 low). Further weakness would target 8000/7759 (161.8% retracement of 9260 and 11688).

Momentum studies: On the daily chart, RSI is below 50 and MACD line is below the signal line suggesting bearish bias. However, stochs have rolled over from oversold levels.

Watch out for a break below trend line support at 8680 levels for further downside.

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