BTC/USD is consolidating in a narrow range inside Ichimoku cloud as it found a strong support near cloud bottom. It is currently trading at 8551 levels at the time of writing (Bitstamp).

On the top side, resistance is seen at 8860 (100-DMA) and a break above would see it testing 9057 (Cloud top)/9492 (trend line joining 11688 and 9948.98). Further strength would target 9986 (Upper Bollinger)/10269 (200-DMA).

On the downside, a break below 8436 (Cloud bottom) would drag the pair to 8264 (1h 100-SMA)/8000. Further weakness would test 7777 (lower Bollinger)/7643 (1w 50-SMA)/7325 (March 18 low).

Momentum studies: On the daily chart, MACD line is below the signal line and RSI is below 50, suggesting bearish bias. However, the pair has found support near cloud bottom and stochs have rolled over from the oversold zone. Intraday bias appears slightly bullish.

Watch out for a decisive break above cloud for a scope for further upside.

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