BTC/USD broke above the Ichimoku cloud on Wednesday and is currently trading around 990 levels at the time of writing  (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 934.22

Kijun Sen: 869.15

Trend reversal: 834.25 (90 EMA)

On the upside, the pair faces immediate resistance at 991 (61.8% retracement of 1139.89 and 751.34) and a consistent break above would target 1056/ 1139.89 (January 04 high).

Momentum studies remain bullish: RSI(14) is at 65, bias higher; and MACD line is above signal line, Stochs in overbought zone, bias higher.

On the downside, the pair is likely to find support near 964 (Cloud top) and a break below would drag it to 939.65 (5-DMA)/893.57 (21-DMA).