BTC/USD hit a fresh all-time high at 8269 levels on November 20. Today, the pair dropped to 7770 levels before restoring to 8182 levels, where it currently trades (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 7057.99

Kijun Sen: 6912.77

On the upside, a break above 8269 (yesterday’s high) will see the pair testing 8455 (trend line joining 4979.90 and 7888)/8527 (113% extension of 2972.01 and 7888). Further strength would target 8600.

On the flip side, support is seen at 8023 (1h 50-SMA) and a break below would target 7965 (5-DMA)/781 (1h 100-SMA). Further weakness would drag it to 7629 (23.6% retracement of 5555.55 and 8269.99)/7540 (4h 55-EMA)/7396 (10-DMA).

Momentum studies: On the daily chart, 5-DMA is showing a slight turn, RSI has turned from near overbought levels, and stochs are at overbought levels. Watch out for a close below 5-DMA for further weakness in the pair.

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