BTC/USD surpassed the 1700 milestone on Tuesday and is holding above that level. It is currently trading at 1707 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1525.33

Kijun Sen: 1425.72

On the upside, the pair currently faces resistance at 1718 (113% extension of 891.33 and 1623) and a break above would see it testing 1754 (127.2% extension of 1141 and 1623)/1800.

Overall trend is extremely bullish with no signs of reversal on daily chart. However, caution is advised as lead indicators are in overbought zone.

On the downside, support is seen at 1632 (1h 20-SMA) and a break below would see a dip till 1596 (5-DMA)/1576 (1h 90-EMA).