BTC/USD is gradually inching closer to previous high of 778.07 levels and is currently trading at 770 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 752.53

Kijun Sen: 730.65

Trend reversal: 686.35 (90 EMA)

The pair faces resistance at 778.07 (December 02 high) and a consistent break above would see it testing 799.74 levels (161.8% retracement of778.07 and 743)/ 819 (113% retracement of 778.85 and 465.28).

On the down side, the pair has taken support near 759.09 (7-EMA) and a break below would drag it to 743 (December 05 low)/714 (November 20 low).