BTC/USD surpassed our target of 2200 levels and hit a fresh all-time high at 2230.34 levels on Monday. However, it could not sustain and closed at 2099.97 levels. It is currently trading at 2140 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 1935.78
Kijun Sen: 1764.67
On the upside, the pair faces resistance at 2164.18 (127.2% extension of 891.33 and 1892) and a break above would target 2200 (psychological)/2230.34 (May 22 high). Further strength would see it testing 2267.34 (300% retracement of 1350 and 891.33)/2300/2356 (161.8% extension of 1141 and 1892).
Immediate support is seen at 2116.70 (4h 10-SMA) and a break below targets 2059.45 (4h 20-SMA). On the 1-hour chart, 2032 (1h 100-EMA) is acting as a major support for the pair and a break below would see further downside.
On the daily chart, the pair is successfully holding above 2045.90 (5-DMA) from past couple of days and any violation would drag it to 1990.11 (38.2% retracement of 1601.46 and 2230.34)/1915.
Overall bias remains bullish, however, caution is advised as stochs and RSI are in the overbought zone.


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