BTC/USD hit a fresh all-time high at 8087 levels on November 19 as it continued its upward trend. It is currently hovering around 8000 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 6821.45

Kijun Sen: 6821.45

On the upside, resistance is seen at 8103 (trend line joining 7888 and 8087) and a break above would see it testing 8191 (113% retracement of 7888 and 5555.55)/8200. Further strength would see it testing 8273 (Upper Bollinger)/8300/8466.

On the flip side, support is seen at 7941 (1h 20-SMA) and a break below would target 7860 (5-DMA)/7798 (4h 20-SMA). Further weakness would see it testing 7709 (1h 90-EMA)/7652 (2h 55-EMA)/7489 (23.6% retracement of 5555.55 and 8087).

Momentum studies: Bias remains bullish on the daily chart with no sign of reversal – RSI is strong at 66, MACD line is above the signal line, and all major moving averages are biased higher.

Recommendation: Good to go long on dips around 7952/62. SL: 7840. TP: 8191/8273.

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