BTC/USD is trading higher on Thursday and has hit 7460 levels so far in the day. It is currently trading at 7365 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 6721.77

Kijun Sen: 6627

On the upside, resistance is seen at 7388 (78.6% retracement of 7888 and 5555.55) and a break above would target 7500/7590 (November 05 high). Further strength would see it testing 7888 (November 08 high)/ 8000.

On the downside, support is seen at 7056 (2h 20-SMA) and any violation would drag it to 6931 (1h 50-SMA)/6835 (10-DMA). Further weakness would see it testing 6771 (20-DMA)/6610 (1h 100-SMA)/6500.

Momentum studies: Bias appears bullish on the daily chart as the pair is trading well above 10-DMA, and stochs, RSI, and major moving averages are biased higher.

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