BTC/USD is trading higher on Wednesday as it broke above 20-DMA and is currently trading at 16352 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 15160.36

Kijun Sen: 15089.58

On the topside, a close above 16199 (20-DMA) would see the pair testing 16416 (61.8% retracement of 19666 and 11159)/16666 (December 08 high)/17000. Further strength would target 17428 (December 12 high)/17845/18000.

On the reverse side, support is seen at 15726 (23.6% retracement of 2972.01 and 19666) and a break below would target 15394 (1h 200-SMA)/14911 (7-DMA). Further weakness would drag it to 14542 (2h 50-SMA)/13824 (4h 200-SMA).

Momentum studies: On the daily chart, RSI and stochs are biased higher while MACD line is below the signal line. Intraday bias is bullish.

Recommendation: Good to go long on close above 20-DMA. SL: 15300. TP: 16416/16666/17000.

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