BTC/USD has restored its strength to above 4000 levels and is currently trading at 4324 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3789.36

Kijun Sen: 3400

On the upside, a consistent break above 4400 (August 15 high) would see the pair testing 4442 (convergence of trend line joining 2980 and 4400 and 272.2% retracement of 2980 and 1830)/4510 (trend line joining 2938 and 4400). Further strength would see it testing 4600/4660 (113% extension of 2400 and 4400)/4734 (113% extension of 1830 and 4400)/4800.

On the reverse side, support is seen at 4274 (1h 20-SMA) and a break below would target 4191 (2h 20-SMA)/ 4152 (1h 100-SMA)/4099 (7-DMA). Further weakness would drag it to 3928 (23.6% retracement of 2400 and 4400)/3887 (10-DMA)/3838 (1h 200-SMA)/3800 (August 15 low)/3636/3571 (23.6% retracement of 891.33 and 4400)/3500.

Momentum studies: On the daily chart, RSI and stochs are in the overbought zone and MACD line is above the signal line. Overall bias remains bullish with no major sign of reversal.

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