BTC/USD hit a fresh all-time high at 6316 levels on October 29 before it closed at 6137 levels. Today, the pair is largely unchanged and is trading at 6142 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 5841.42

Kijun Sen: 5227.40

On the upside, the pair faces strong resistance at 6220 (161.8% retracement of 4979.90 and 2972.01) and a break above would target 6285 (113% retracement of 6180 and 5366)/6316 (October 29 high). Further strength would see it testing 6401/6542 (trend line joining 5846.43 and 6180).

On the flipside, support is seen at 6071 (2h 10-SMA) and a break below would see it testing 5931 (5-DMA)/5877 (10-DMA)/5797 (1h 200-SMA). Further weakness would drag it to 5738 (20-DMA)/5672 (4h 90-EMA)/5565 (trend line joining 5101.01 and 5366)/5422 (23.6% retracement of 2972.01 and 6180).

Momentum studies: On the daily chart, RSI is strong at 67 and stochs are biased higher. However, caution is advised as bearish RSI divergence and MACD line below the signal line could be seen. The pair has found strong support at 20-DMA and only a decisive break below would confirm trend reversal.

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