BTC/USD closed above 7-DMA on Thursday and is currently trying to hold above this level. It is currently trading at 919 levels at press time (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 894.74
Kijun Sen: 945.61
Trend reversal: 819.61 (90 EMA)
On the upside, the pair now faces resistance at 937.74 (January 22 high) and a break above would target 953 (127.2% retracement of 937.74 and 881.48)/991 (61.8% retracement of 1139.89 and 751.34).
Momentum studies suggest bullish bias: RSI(14) is at 54, bias higher; and MACD line is above the signal line.
On the downside, the pair continues to take support near cloud top at 905 levels and a break below would drag it to 878 (21-DMA)/819.61 (90-EMA).
