BTC/USD traded higher on Tuesday and hit a fresh all time high at 3478 levels so far in the day. It is currently trading at 3450 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3046.82

Kijun Sen: 2654.32

On the upside, the pair would now face resistance at 3535 (113% extension of 1830 and 3339.66) and a break above would target 3586 (127.2% extension of 751.34 and 2980)/3638 (113% extension of 1830 and 3430). Further strength would see it testing 3690 (161.8% retracement of 2980 and 1830)/3750.

On the reverse side, support is seen at 3387 (1h 20-SMA) and a break below would see the pair testing 3325 (2h 20-SMA)/3262 (4h 20-SMA). Further weakness would target 3235 (5-DMA)/3171 (2h 50-SMA)/3052 (23.6% retracement of 1830 and 3430)/3000.

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 70 and MACD line above the signal line. Stochs are in the overbought zone. Trend remains bullish on the weekly chart as well.

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

Recommendation: Bias higher, stay long. Raise the trailing stop to 3230. TP: 3535/3586.

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