BTC/USD has finally broken above the major trend line resistance and hit a high of 806.78 levels so far in the day (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 784

Kijun Sen: 762

Trend reversal: 708.51 (90 EMA)

Continued upward momentum would now see the pair testing 819 (113% retracement of 778.85 and 465.28) and a break above would target 864/900.

On the reverse side, the pair is likely to find support at 783.37 (10-EMA) and a break below would drag it to 770.97 (21-day MA)/743 (December 05 low).