BTC/USD hit a fresh all-time high at 4480 levels on Thursday before closing at 4276 levels. It is currently trading at 4280 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3895.58

Kijun Sen: 3440

On the upside, the pair is currently hovering around 4279 (5-DMA) and a break above would target 4400 (August 15 high)/ 4467 (trend line joining 2980 and 4400). Further strength would target 4480 (August 17 high)/4565 (trend line joining 2938 and 4400)/4600/4660 (113% extension of 2400 and 4400)/4734 (113% extension of 1830 and 4400)/4800.

On the reverse side, support is seen at 4225 (1h 100-SMA) and any violation would drag it to 4187 (7-DMA)/ 4049 (2h cloud top)/3971 (10-DMA). Further weakness would see it testing 3854 (23.6% retracement of 1830 and 4480)/ 3800 (August 15 low)/3685 (38.2% retracement of 2400 and 4480)/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 is biased higher. Overall bias remains bullish with no major sign of reversal.

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