BTC/USD broke above 6400 levels on Tuesday to hit fresh all-time high at 6449 levels. It is currently trading at 6391 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 5907.89
Kijun Sen: 5381.30
On the upside, a consistent break above 6401 (127.2% retracement of 6180 and 5366) would see the pair testing 6449 (October 31 high)/6500. Further strength would target 6597 (113% extension of 2972.01 and 6180)/6637 (trend line joining 5846.43 and 6180)/6683/6700.
On the reserve side, short-term support is seen at 6365 (1h 20-SMA) and a break below would see it testing 6224 (1h 50-SMA)/6162 (5-DMA). Further weakness would drag it to 5960 (10-DMA)/5866 (20-DMA)/5814 (2h 200-SMA)/5638 (trend line joining 5101.01 and 5366).
Momentum studies: On the daily chart, RSI is at 70 but with bearish divergence, MACD is on the verge of a bullish crossover, and stochs are at overbought levels.
Overall bias appears bullish with no significant signs of reversal. However, bearish RSI divergence calls for high caution.
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