BTC/USD has picked up momentum after trading flat for couple of days. The pair has hit 738 levels so far in the day and is trading at 734 levels at the time of writing (Bitstamp). The recent surge coincides with the ongoing counting of votes of the US Presidential election that now show that Donald Trump is on the brink of taking over as the next president of the United of States of America.

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 707.75

Kijun Sen: 684.66

Trend reversal: 635.38 (90 EMA)

On the upside, the pair is now targeting the previous high of 745 levels (November 03) and a break above would see it soaring to 778.85 (June 18 high)/ 800.00.

On the reverse side, the pair has taken support near 699 levels (15-day MA) and any violation would weaken it to 628 (21-day MA) and then to 652 (55 EMA).