BTC/USD continues trading in a narrow range on Friday as it struggles to break above 4h 200-SMA. It is currently trading at 2555 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2506.90

Kijun Sen: 2550

On the upside, the pair faces strong resistance at 2620 (4h 200-SMA) and a consistent break above would see it testing 2651 (61.8% retracement of 2980 and 2120)/2682 (78.6% retracement of 2789 and 2291). Further strength would see it testing 2760 (May 25)/ 2789 (June21 high)/2853.

On the downside, support is seen at 2538 (10-DMA) and any violation would target 2495 (50-DMA)/2432 (trend line joining 1850 and 2120). Further weakness would drag it to 2374 (July 02 low).

Momentum studies: On the daily chart, RSI is at 51, with lower bias; MACD appears flat.

Bias appears weak on the 4-hour chart with RSI at 47, MACD line below the signal line and stochs biased lower.

On the weekly chart, the pair is struggling for a decisive break above 5-SMA. However, RSI continues to hold above 70 and MACD line is above the signal line.

Recommendation: Wait for clear directional bias.

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