BTC/USD stopped short of 12000 levels on December 03, as it closed at 11250 levels after hitting 11800 levels. It is currently trading at 11442 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 10169.10

Kijun Sen: 8677.78

On the topside, the pair is likely to face resistance at 11622 (Upper Bollinger) and a break above would see it testing 11756 (trend line joining 4979.90 and 11395)/12000/12552 (300% retracement of 7888 and 5555.55)/12803 (200% extension of 2972.01 and 7888)/13000.

On the reverse side, support is likely to be found at 11305 (4h 10-SMA) and any violation would drag it to 11174 (1h 50-SMA)/11000. Further weakness would see it testing 10850 (5-DMA)/10669 (2h 50-SMA)/10339 (2h 90-EMA)/10167 (10-DMA)/10000.

Momentum studies: Bias remains extremely bullish on the daily chart as major moving averages are biased sharply higher, stochs have rolled over to the overbought zone, and MACD line is above the signal line. However, caution is advised as RSI is at overbought levels.

We could see some consolidation around current levels, but overall bias remains bullish.

Recommendation: Good to go long on dips around 11380/400. SL: 10600. TP: 11756/12000.

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