BTC/USD successfully closed above 20-DMA on Tuesday and is currently holding above that level. It is currently trading at 2744 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2560.50

Kijun Sen: 2415

On the upside, the pair is now facing resistance at 2795 (78.6% retracement of 2980 and 2120) and a break above would target 2878 (113% retracement of 2760 and 1850)/2933 (June 06 high)/ 2980 (June 12 high).

Support is seen at 2662 (20-DMA) and a break below would see a dip till 2595 (10-DMA)/2476 (4h 200-SMA)/2391 (50% retracement of 1850 and 2933). Further weakness would drag it to 2281 (61.8% retracement of 1850 and 2980)/2219 (50-DMA).

Momentum studies: On the daily chart, RSI is strong at 59 and stochs are biased higher. MACD line is below the signal line, while downward momentum appears to be waning.

Overall bias appears bullish, however, we may see some consolidation around current levels. A bullish crossover of MACD along with a close above 2800 levels could be seen as an opportunity to go long.

Recommendation: Good to go long on close above 2800. SL: 2662. TP: 2933/2980.