BTC/USD dropped to 2612.50 levels on Wednesday, before it managed to close just above 5-DMA at 2683 levels. Currently, the pair is holding above 5-DMA and is trading at 2785 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2543.64

Kijun Sen: 2287.11

On the upside, the pair faces immediate resistance at 2802 levels (2h 20-SMA) and a break above would target 2878 levels (113% retracement of 2760 and 1850)/2933 (June 06 high)/3007 (127.2% retracement 2760 and 1850)/3073 (113% extension of 1850 and 2933).

Overall bias remains bullish with RSI strong at 69, MACD line above the signal line, and the pair currently holding above 5-DMA. However, caution is advised as bearish divergence could be seen in RSI and stochs on the daily chart.

On the downside, yesterday’s fall found support near 2h 90-EMA and the pair has bounced back. A break below 2725 (1h 90-EMA) would see a dip till 2677 (23.6% retracement of 1850 and 2933)/ 2612 (June 07 low)/2551 (10-DMA).