BTCUSD is hovering above the Ichimoku cloud and the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, which are ready to post a bullish cross in the next few sessions. The price found strong support near the 23.6% Fibonacci retracement level of the upward rally from 3313 to 5600, around 5062. The technical indicators suggest that the bearish correction may came to an end in the short term. The stochastic is edging higher entering the overbought zone, while the MACD is moving in the positive area.
In case of another upside run, immediate resistance would come from the 5487 resistance level, taken from the latest highs ahead of the five-month high of 5600.
On the flipside, if bitcoin retreats below the Ichimoku cloud and the SMAs, support would be faced near the 23.6% Fibonacci of 5062. More declines could open the way towards the 4970 support, registered on April 26.
Overall, BTCUSD is creating an upward movement and the indicators suggest a possible positive bias again.
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