BTC/USD is consolidating in a narrow range as it hit a fresh all-time high at 2980 levels on Monday. It is currently trading at 2943 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2720

Kijun Sen: 2373.16

On the upside, the pair faces resistance at 3007.52 (127.2% retracement 2760 and 1850) and a break above would see it testing 3073 (113% extension of 1850 and 2933)/3106.10 (113% extension of 1601.46 and 2933)/3227.

Overall bias remains bullish with RSI is strong at 72, MACD line above the signal line, and the pair currently holding well above 5-DMA. Any dip can be seen as an opportunity to go long.

However, caution is advised as bearish RSI divergence could be seen on the daily chart. Also, stochs are in the overbought zone.

On the downside, support is seen at 2885 (5-DMA) and any violation will drag it to 2776 (10-DMA)/2677 (23.6% retracement of 1850 and 2933)/2533.47 (20-DMA).

Recommendation: Good to go long on dips around 2913. SL: 2869. TP: 3073/3106.