BTC/USD is continuing its uptrend on Tuesday and is currently trading at 1040 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 977.11

Kijun Sen: 897.78

Trend reversal: 853.68 (90 EMA)

On the upside, the pair has broken above 1035 (trend line joining 1139.89 and 1044.23). A close above this trend line resistance would target 1056 (78.6% retracement of 1139.89 and 751.34)/1100.

Momentum studies remain bullish: RSI(14) is at 68, bias higher; and MACD line is above signal line. Moreover, the pair is successfully holding above 7-DMA.

On the downside, the pair has taken support near 1006 (7-DMA) and any violation would drag it to 975 (23.6% retracement of 751.34 and 1044.23) /940 (21-DMA).