BTC/USD moved further north on Wednesday, hitting a high of 1070 so far in the day. It is currently trading at 1066 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 983.12

Kijun Sen: 915.62

Trend reversal: 858 (90 EMA)

On the upside, the pair has broken above 1056 (78.6% retracement of 1139.89 and 751.34) and holding above that level. It faces immediate resistance at 1074.46 (upper Bollinger) and a break above would target 1100/1139.89 (January 04 high).

Momentum studies remain bullish: RSI(14) is strong at 71; and MACD line is above signal line. Moreover, the pair is successfully holding above 7-DMA.

On the downside, the pair has taken support near 1018 (7-DMA) and any violation would drag it to 975 (23.6% retracement of 751.34 and 1044.23) /947 (21-DMA).