BTC/USD dropped to 12701 levels over the weekend and has restored its strength to above 16000 levels today. It is currently trading at 16300 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 13589.91

Kijun Sen: 11893.75

On the topside, the pair now faces resistance at 16666 (December 8 high) and a break above would see it testing 16923 (Upper Bollinger)/17000. Further strength would target 17182 (113% retracement of 16666.66 and 12701)/17663 (113% extension of 9000 and 16666.66)/17745/18000.

On the reverse side, support is seen at 15280 (1h 10-SMA) and any violation would drag it to 14945 (4h 20-SMA)/14740 (7-DMA). Further weakness would see it testing 14448 (2h 20-SMA)/13683 (10-DMA)/12701 (December 9 low)/12403 (trend line joining 4979.90 and 11800.01).

Momentum studies: Overall bias remains bullish on the daily chart – RSI is strong at 78, MACD line is above the signal line, and major moving averages are biased higher.

Call Update: We recommended going long in our previous call. The call is progressing well.

Recommendation: Hold for targets.

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