BTC/USD is trading higher on Friday and has hit 17428 levels so far in the day. It is currently trading at 17157 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 15064.73

Kijun Sen: 12599.21

On the topside, the pair is seen testing resistance at 17428 (December 11 high) and a consistent break above would target 17886 (161.8% extension of 891.33 and 11396)/18000. Further strength would see it testing 18111 (113% extension of 5555.55 and 16666.66)/18595 (113% extension of 1830 and 16666.66)/18833 (Upper Bollinger)/19000.

On the reverse side, short-term support is seen at 17054 (1h 7-SMA) and a break below would see the pair testing 16570 (4h 20-SMA)/16040 (7-DMA). Further weakness would drag it to 15830 (10-DMA)/15720 (4h 50-SMA)/13350 (2h 200-SMA)/13158 (20-DMA).

Momentum studies: Overall bias remains bullish with no major sign of reversal – RSI is at 78, MACD line is above the signal line and major moving averages are biased higher. Bias appears bullish on intraday charts as well.

Recommendation: Good to go long on break above 17428. SL: 16500. TP: 17886/18000/18595.

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