BTC/USD broke above the 2300 mark on Wednesday and is currently trading at 2340 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1991

Kijun Sen: 1828.29

On the upside, the pair faces resistance at 2356 (161.8% extension of 1141 and 1892) and a break above would target 2400 (psychological)/2458.20 (127.2% extension of 1601.46 and 2275)/2510 (161.8% extension of 891.33 and 1892).

Overall trend remains bullish with no signs of reversal on daily charts. Caution is advised as stochs and RSI are in the overbought zone.

On the downside, support is seen at 2295 (4h 5-SMA) and a break below would see a dip till 2234.46 (4h 10-SMA)/2147 (5-DMA). Further weakness would target 2005 levels (trend line joining 1350 and 1892) and any violation could drag it to 1976 (10-DMA)/1830 (20-DMA).