BTC/USD once again broke above the 1600 mark on Monday and is currently trading at 1605 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1469.34

Kijun Sen: 1382

On the upside, a close above 1600 levels would see the pair testing 1623 (May 04 high)/ 1633 (161.8% retracement of 1350 and 891.33). Further strength would see a jump till 1685.67 (113% extension of 1141 and 1623)/1700 (psychological)/1718 (113% extension of 891.33 and 1623).

Caution is advised as lead indicators are in extremely overbought zone.

On the downside, support is seen at 1554.17 (5-DMA) and a break below would see a dip till 1479 (10-DMA)/1450 (23.6% retracement of 891.33 and 1623).