BTC/USD skyrocket to fresh all-time high at 3339.66 levels on August 5th. It is currently trading at 3250 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2954.67

Kijun Sen: 2584.83

On the upside, the pair faces strong resistance at 3269.73 (113% extension of 751.34 and 2980) and a close above would target 3339 (August 05 high)/3350 (trend line joining 2980 and 3339.66)/3400. Further strength would see it testing 3448 (4h upper Bollinger)/3548 (127.2% retracement of 891.33 and 2980).

On the reverse side, support is seen at 3226 (convergence of 1h 50-SMA and cloud top) and any violation would drag it to 3146 (August 06 low)/3078 (5-DMA). Further weakness would drag it to 2954.67 (daily Tenkan Sen)/2911 (10-DMA)/2789 (20-DMA).

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 66 and MACD line above the signal line. Stochs are in the overbought zone. However, the pair is consolidating in a narrow range after it hit 3339.66 levels.

Overall trend appears bullish on the weekly chart as well.

Call Update: We had recommended going long in our previous call. Both the targets have been hit.

Recommendation: Good to buy on dips around 3075/3120. SL: 2950. TP: 3339/3400/3450.

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