BTC/USD is trading in a narrow range, just shy of 5-DMA on Monday at 2751 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2384

Kijun Sen: 2384

On the upside, the pair faces immediate resistance at 2775 (5-DMA) and a break above would target 2826 (trend line joining 2938 and 2882)/ 2878 (113% retracement of 2760 and 1850). Further strength would see it testing 2938 (July 20 high)/ 2980 (June 12 high)/ 3091.

On the reverse side, the pair is likely to find support at 2677 (trend line joining 1850 and 2120) and any violation would drag it to 2551 (50-DMA)/2444 (20-DMA). Further weakness would drag it to 2329 (trend line joining 2980 and 2639)/2267 (Cloud bottom).

Momentum studies: On the daily chart, RSI is strong at 58 and MACD line is above the signal line. Stochs are in the overbought zone.

Mixed signals could be seen on the 4-hour chart, with RSI at 57, MACD line below the signal line, and stochs biased slightly lower.

Bias appears bullish on the weekly chart with RSI strong at 67, stochs biased higher, and MACD line above the signal line.

The pair is consolidating in a narrow range for the past couple of sessions and traders are advised to wait for a clear signal on the daily charts.

Recommendation: Wait for clear directional bias.

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