BTC/USD dropped to 182 levels earlier in the day before restoring strength to above the 1700 mark. It is currently trading at 1741 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1574.20

Kijun Sen: 1455.20

On the upside, the pair currently faces resistance at 1754 (127.2% extension of 1141 and 1623) and a break above would target 1800 (psychological)/1840 (113% extension of 1141 and 1760.40).

Overall trend is extremely bullish: RSI is holding at 89, bias higher; MACD line is above the signal line; and stochs are in the overbought zone. However, bearish RSI divergence on 4-hourly and weekly charts call for caution.

On the downside, support is seen at 1699.18 (2h 20-SMA) and a break below would see a dip till 1645.50 (5-DMA)/1614.12 (23.6% retracement of 1141 and 1760.40).