BTC/USD hit a fresh all-time high at 17428 levels on December 12 before it closed at 16650 levels. It is currently trading at 16498 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 14406.33

Kijun Sen: 12429.98

On the topside, a decisive break above 16666 (December 08 high) would target 17000 levels/17428 (December 11 high). Further strength would see it testing 17592 (trend line joining 16615 and 17428)/17886 (161.8% extension of 891.33 and 11396)/18000/18111 (113% extension of 5555.55 and 1666.66).

On the reverse side, support is seen at 15902 (7-DMA) and any violation would drag the pair to 15559 (1h 100-SMA)/14824 (10-DMA). Further weakness would make way for more downside, targeting 14691 (4h 50-SMA)/14406 (Daily Tenkan Sen)/14044 (23.6% retracement of 5555.55 and 16666.66)/.

Momentum studies: On the daily chart, the pair is consolidating around 16500 levels, RSI is at 78, MACD line above the signal line, major moving averages are biased higher, and the pair is holding well above 7-DMA. Overall bias appears bullish with no signs of reversal.

Some weakness could be seen on the intraday charts. On the 4-hour chart, bearish RSI divergence, stochs on the verge of a rollover from overbought levels and MACD on the verge of bearish crossover suggest a weakening of the upward momentum.

The pair is expected to extend consolidation around current levels. Further bullishness could be confirmed only on a close above 16666 levels, while a break below 10-DMA would see further bearishness in the pair.

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