BTC/USD skyrocketed to fresh all-time highs at 7354 levels on Thursday before closing at 7030 levels. It is currently trading at 7242 levels at the time of writing (Bitstamp).

The recent rise in bitcoin price comes at a time when the bitcoin community awaits the Bitcoin Segwit2x fork, expected to take place on November 16th.

Ichimoku analysis of daily chart:

Tenkan Sen: 6500.14

Kijun Sen: 5947.55

On the upside, a break above 7354 (November 3 high) would see the pair testing 7398 (trend line joining 4979.90 and 7354.10)/7500. Further strength would target 7646 (113% extension of 5101.36 and 7354.10)/7923 (113% extension of 2972.01 and 7354.10).

Support is seen at 7050 (1h 20-SMA) and any violation would drag the pair to 6954 (4h 10-SMA)/6823 (1h 50-SMA). Further weakness would see it testing 6708 (5-DMA)/6652 (4h 20-SMA)/6537 (2h 50-SMA)/6319 (23.6% retracement of 2972.01 and 7354.10)/6280 (10-DMA)/6023 (20-DMA).

Momentum studies: Bias remains extremely bullish on the daily chart with no signs of reversal, as RSI strong at 79, bullish MACD crossover, and major moving averages biased sharply higher. However, caution is advised as stochs are in the overbought zone.

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