BTC/USD broke above the major trend line resistance at 940 levels on Tuesday and is continuing to move north today. The pair has hit a high of 977.52 levels so far in the day and currently trades at 973 levels (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 925.74

Kijun Sen: 889.16

Trend reversal: 830.89 (90 EMA)

On the upside, a consistent break above 978.97 (Cloud top) would target 991 (61.8% retracement of 1139.89 and 751.34)/1056.

Momentum studies remain bullish: RSI(14) is at 62, bias higher; and MACD line is above signal line, Stochs in overbought zone, bias higher.

On the downside, the pair is likely to find support near 940 levels (trend line joining 628.99 and 745.19) and any violation would drag it to 920.12 (7-DMA)/883.80 (21-DMA).