BTC/USD surged to 6750 levels so far in the day but failed to sustain its strength above 20-DMA. It is currently trading at 6545 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 6721.77
Kijun Sen: 6627
On the upside, the pair is struggling for a close above 6615 (20-DMA) and a decisive break above would see it testing 6721 (50% retracement of 7888 and 5555.55) /6791 (10-DMA). Further strength would target 6851 (2h 100-SMA) /6997/ 7052 (127.2% extension of 2972.01 and 6180)/7388.
On the downside, support is seen at 6453 (1h 100-SMA) and a break below would target 6373 (5-DMA)/ 6242 (4h 200-SMA). Further weakness would drag it to 6010 (38.2% retracement of 2972.01 and 7888) /5905 (4h lower Bollinger)/5654 (50-DMA).
Momentum studies: On the daily chart, RSI is at 53, while MACD line is below the signal line. The pair’s upside is being capped by 5-DMA and it is struggling to close above 20-DMA. A close above 20-DMA would see minor bullishness in the pair.
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