BTCUSD is currently hovering within the Ichimoku cloud and is approaching the 20-simple moving average (SMA) in the 4-hour chart after it posted a bearish crossover with the 40-SMA in the past sessions. The RSI indicator is holding slightly below the 50 level, while the stochastic oscillator is approaching the overbought zone with strong momentum.
Should the price extend higher, it could find immediate resistance at the 3840 level, which currently coincides with the 40-SMA. Also, an advance above this region would increase speculation that a bullish move is in progress towards the 23.6% Fibonacci retracement level of the downleg from 6508 to 3116.50, around 3916. More gains could send prices until 3965.30, identified by the peak on February 21.
On the other hand, should the bitcoin stretch southwards, immediate support could come from the lower band of the Ichimoku cloud around 3736 and then could hit again 3690. A step lower could bring the price towards the 3644 support.
To sum up, the very short-term bias remains slightly bullish especially as BTCUSD rebounded on the 3313 barrier. However, in the medium-term, the price lacks direction, while in the long-term remains strongly bearish.
