BTC/USD traded slightly higher on Friday and hit a fresh all time high at 3490.86 levels so far in the day. It is currently trading at 3463 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3094.84

Kijun Sen: 2700.71

On the upside, a consistent break above 3515 (trend line joining 2980 and 3490) would see the pair testing 3576 (convergence of trend line joining 2938 and 2980 and upper Bollinger)/3600. Further strength would target 3690 (161.8% retracement of 2980 and 1830)/3706 (113% extension of 1830 and 3490.86).

On the downside, support is seen at 3395 (4h 20-SMA) and a break below would see it testing 3357 (7-DMA)/3225 (10-EMA). Further weakness would drag it to 3185 (10-DMA)/3115 (4h cloud top)/3098 (23.6% retracement of 1830 and 3940.86)/3024 (4h 100-EMA)/2945 (20-DMA).

Momentum studies: Bias appears bullish on the daily chart with all major moving averages, RSI, and MACD biased higher. However, caution is advised as stochs are in the overbought zone. A break above trend line resistance at 3515 coupled with a rollover of RSI to the overbought zone would see further upside in the pair.

Bias appears bullish on the weekly chart as well with RSI rolled over to the overbought zone and MACD line above the signal line.

Recommendation: Good to go long on a decisive break above 3515. SL: 3300. TP: 3600/3690.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest