BTC/USD surged higher and broke above 4800 levels on Monday, before closing a tad lower at 4764 levels. It is currently trading at 4823 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4501.48

Kijun Sen: 3918.50

On the upside, immediate resistance is seen at 4886 (Upper Bollinger) and a break above would target 4979.90 (September 02 high)/5000. Further strength would see it testing 5240 (113% retracement of 4979.90 and 2972.01)/5368 (161.8% extension of 2972.01 and 4453).

On the flipside, support is seen at 4747 (2h 10-SMA) and a break below would target 4676 (4h 10-SMA)/4595 (5-DMA). Further weakness would drag it to 4537 (4h 20-DMA)/4458 (10-DMA)/4418 (23.6% retracement of 2972.01 and 4865)/4381 (trend line joining 3514 and 4137).

Momentum studies: Bias remains bullish on the daily chart as MACD line is above the signal line, RSI is strong at 68, and 5- and 10-DMAs biased sharply higher. However, caution is advised as stochs are in the overbought zone.

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