BTC/USD is rangebound on Monday as the bitcoin ecosystem is bracing for the possibility of a split in the network tomorrow, August 1st. It is currently trading at 2710 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2627.50

Kijun Sen: 2384

On the upside, the pair faces resistance at 2782 (trend line joining 2938 and 2825) and a break above would target 2825 (28 July high)/ 2938 (July 20 high). Further uptrend would target 2980 (June 12 high)/3091 (113% retracement of 2980 and 2120).

On the reverse side, support is seen at 2665 (7-DMA) and any violation would drag the pair to 2630 (trend line joining 1830 and 2569.69)/2584 (4h 100-EMA)/2530 (50-DMA). Further weakness would target 2508 (20-DMA)/2460 (55-EMA)/2400 (July 26 low).

Momentum studies: On the daily chart, RSI is at 55, and MACD line is above signal line with fading upward momentum. Bias appears neutral with a flatlined 7-DMA and the price action in a symmetrical triangle pattern.

Recommendation: Wait for a clear directional bias.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest