BTC/USD has broken above 10-DMA and hit 6915 levels so far in the day. It is currently trading at 6881 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 6721.77

Kijun Sen: 6627

On the upside, the pair now faces resistance at 6997 (61.8% retracement of 7888 and 5555.55) and a break above would target 7052 (127.2% extension of 2972.01 and 6180)/7388. Further strength would see it testing 7500/7590 (November 05 high).

On the downside, a break below 6789 (1h 200-SMA) would see the pair testing 6650 (4h 90-EMA)/6443 (5-DMA). Further weakness would drag it to 6419 (1h 100-SMA)/6278 (4h 200-SMA)/ 6010 (38.2% retracement of 2972.01 and 7888).

Momentum studies: On the daily chart, RSI is strong at 57, stochs are biased higher, and 5-DMA has turned and is now showing upward bias. However, MACD line is below the signal line.

Intraday bias appears bullish at the time of writing.

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