BTC/USD appears to be extending consolidation on Thursday and is currently trading around 16257 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 14544.11

Kijun Sen: 12551.71

On the topside, immediate resistance is seen at 16355 (2h 10-SMA) and a break above would see it testing 16603 (1h 50-SMA)/16666 (December 08 high). Further strength would target 17000 levels/17428 (December 11 high)/17740 (trend line joining 16615 and 17428)/17886 (161.8% extension of 891.33 and 11396)/18000.

On the reverse side, short-term support is seen at 16043 (2h 50-SMA) and any violation would see the pair testing 15812 (7-DMA)/15254 (10-DMA). Further weakness would drag it to 14893 (4h 55-EMA)/ 14626 (23.6% retracement of 5555.55 and 17428.42)/14544 (daily Tenkan sen)/ 14044 (23.6% retracement of 5555.55 and 16666.66).

Momentum studies: On the daily chart, MACD line is above the signal line and the pair is holding above 7-DMA. However, bearish RSI divergence and slight turn in 7-DMA suggest a weakening of the upward momentum.

A break below 7-DMA, coupled with a rollover of RSI from the overbought levels, would see minor bearishness in the pair and likely to find support at 10-DMA. A breach of 10-DMA support would pave the way for further downside.

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