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FxWirePro: BTC/USD tests 14000, trend extension targets 14300

BTC/USD has skyrocketed to 14199 levels so far in the day following a $2000 jump on December 06. It is currently trading at 13955 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 11599.50

Kijun Sen: 9877.27

On the topside, resistance is seen at 14290 (127.2% extension of 751.34 and 11395) and a break above would target 14441 (227.2% retracement of 11395 and 9000)/15003 (161.8% extension of 5555.55 and 11395). Further strength would target 16600 (161.8% extension of 2972.01 and 11395)/17000.

On the reverse side, support is seen at 13770 (1h 10-SMA) and any violation would target 13270 (1h 20-SMA)/12710 (2h 20-SMA). Further weakness would drag it to 12447 (5-DMA)/12091 (trend line joining 4979.90 and 11800.01)/11358 (10-DMA).

Momentum studies: Overall bias remains bullish on the daily chart with no signs of reversal. However, RSI and stochs are at extremely overbought levels, calling for high caution.

Call Update: We recommended going long in our previous call. Both the targets have been hit.

Recommendation: Book partial profits, stay long. Trail stop loss to 12000. TP: 14290/14441.

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