BTC/USD is trading well below 50-DMA on Thursday around 3900 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3575.57

Kijun Sen: 3975.95

On the upside, a consistent break above 3932 (1h 50-SMA) would see the pair testing 4030 (convergence of trend line joining 4979.90 and 4679.97 and 50-DMA)/4054 (2h 200-SMA)/4111 (20-DMA). Further strength would target 4212 (61.8% retracement of 4979.90 and 2972.01)/4300/4480 (August 17 high).

On the flipside, support is seen at 3786 (Cloud top) and a break below would target 3757 (4h 50-SMA)/3600 (August 22 low). Further weakness would drag it to 3463 (September 17 low)/3403 (100-EMA).

Momentum studies: Bias appears neutral on the daily chart as the pair is trading in a tight range. RSI is weak at 46 and MACD line is below the signal line with fading downside momentum.

Recommendation: Wait for clear directional bias.

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