BTC/USD hit a fresh all-time high at 4400 on Tuesday, failed to sustain its upward momentum. It is currently trading at 4248 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 3789.36

Kijun Sen: 3400

On the upside, a consistent break above 4400 levels would target 4496 (113% extension of 1830 and 4190)/4515 (161.8% extension of 1830 and 3490). Further strength would see it testing 4606 (241.4% retracement of 2980 and 1830)/4654 (113% extension of 1830 and 4329.43)/4700.

On the downside, support is likely to be found at 4172 (2h 20-SMA) and a break below would target 4149 (1h 50-SMA)/4019 (5-DMA). Further weakness would drag it to 3959 (1h 100-EMA)/3914 (1h 100-SMA)/3888 (1h cloud bottom)/3758 (trend line joining 2760 and 2980)/3686 (10-DMA).

Momentum studies: Although bears have flexed their muscles today after the pair hit 4400 levels, bias remains bullish on the daily chart, with RSI strong at 78, MACD line above the signal line, and all major moving averages biased higher. However, caution is advised as stochs are in the overbought zone.

Some intraday weakness could be seen on the hourly charts and a break below 4145 levels would see further downside.

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