BTC/USD broke above the trend line joining 4480 and 4649 and closed at 4734 levels. It is currently trading at 4785 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4430.16

Kijun Sen: 3978.24

On the upside, resistance is now seen at 4800 and a break above would target 4821 (trend line joining 2980 and 4480)/4900. Further strength would see it testing 4946 (113% extension of 891.33 and 4480)/5000/5023 (161.8% retracement of 4480 and 3600).

On the flip side, support is likely to be found at 4676 (2h 20-SMA) and any violation would drag it to 4648 (1h 50-SMA)/4605 (5-DMA). Further weakness would see it testing 4538 (1h 100-SMA)/4500/4447 (10-DMA)/4320 (38.2% retracement of 3600 and 4765.21).

Overall bias remains bullish with RSI strong at 77, major moving averages biased higher, and bullish MACD crossover on the daily chart. However, caution is advised as stochs are at overbought levels. A break above 4678 would see further upside in the pair.

Recommendation: Good to go long on dips around 4777. SL: 4648. TP: 4821/4900/4946

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