BTC/USD surged higher on Monday as it broke above the trend line joining 7888 and 8354. It has hit a fresh all-time high at 9721 so far in the day and is currently trading at 9550 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 8698.35

Kijun Sen: 7638.62

On the upside, resistance is seen at 9862 (113% extension of 5555.55 and 9366.60) and a break above would target 10000/10200 (200% retracement of 7888 and 5555.55). Further strength would see it testing 10403/10500.

On the flip side, support is seen at 9381 (1h 20-SMA) and a break below would drag the pair to 9241 (3h 10-SMA)/9136 (4h 10-SMA)/9000. Further weakness would see the pair testing 8983 (1h 50-SMA)/8742 (5-DMA)/8710 (trend line joining 7888 and 8354).

Momentum studies: Bias remains bullish on the daily chart with no signs of reversal – RSI strong at 75, MACD line above the signal line, and major moving averages biased higher. However, cautions is advised as stochs are in the overbought zone.

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