BTC/USD is trading in a narrow range on Thursday as it tries to hold above 5-DMA. It is currently trading at 2574 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2540

Kijun Sen: 2550

On the upside, the pair faces stiff resistance at 2597 (10-DMA) and a break above would target 2625 (trend line joining 2980 and 2789)/ 2682 (78.6% retracement of 2789 and 2291). Further strength would see it testing 2760 (May 25 high)/2789 (June 21 high)

On the downside, strong support is seen at 2524 (5-DMA) and any violation would drag it to 2483 (4H 20-SMA)/2415 (50% retracement of 1850 and 2980). Further weakness would drag it to 2373 (50-DMA)/ 2323 (trend line joining 1850 and 2120).

Momentum studies: On the daily chart, RSI is holding above 50, while the MACD line is below the signal line. However, the downward momentum of MACD seems to be waning.

Recommendation: Wait for clear directional bias.

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