BTC/USD hit a fresh high of 793.27 levels on Tuesday and is currently trading at 776 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 761

Kijun Sen: 746.50

Trend reversal: 693.64 (90 EMA)

On the upside, the pair faces major resistance at 790 (trend line joining 745.19 and 778.07) and a break above would target 799.74 levels (161.8% retracement of778.07 and 743) /819 (113% retracement of 778.85 and 465.28)/864.14.

On the down side, the pair has taken support near 764.99 (10-EMA) and a break below would drag it to 743 (December 05 low)/714 (November 20 low).