BTC/USD is showing a dip after it hit a fresh high of 778.07 levels on December 02. It is currently trading in the red at 749 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 749.53

Kijun Sen: 730.65

Trend reversal: 679.47 (90 EMA)

The pair must break above 778.85 (June 18 high) for further upside. Any violation would see the pair testing 799.34 (161.8% retracement of 778.07 and 743.65)/ 819.61 (113% retracement of 778.85 and 465.28).

On the down side, 739 (21-day MA) continues to act as a major support for the pair and a break below would see a dip till 714 (November 20 low)/ 704 (55-EMA).