BTC/USD has a fantastic start to the New Year as it broke above the 1,000 mark and has hit 1,005 levels so far and is hovering around this level (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 932

Kijun Sen: 878.39

Trend reversal: 759.74 (90 EMA)

On the upside, a consistent break above yesterday’s high of 1,005 levels would target 1011 (161.8% retracement of 980.74 and 931)/ 1030/1055.98 (161.8% extension of 859 and 980.74). Momentum studies are bullish – MACD shows positive momentum (with the MACD line above the signal line) and RSI(14) is at 83.96 suggesting further upside.

On the reverse side, the pair is likely to take support at 955.22 (7-EMA) and a break below would see it testing 930 (December 30 low)/905 (61.8% retracement of 859 and 980.74).