BTC/USD skyrocketed to near 8000 levels on Friday as it continues its upward trend. It is currently trading at 7890 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 6721.77
Kijun Sen: 6627
On the upside, a consistent break above 8000 levels would see the pair testing 8191 (113% retracement of 7888 and 5555.55)/8285 (trend line joining 4979.90 and 7888). Further strength would target 8522/ 8675 (113% extension of 1830 and 7888)/8700.
On the flip side, support is seen at 7728 (1h 20-SMA) and any violation would see the pair testing 7545 (4h 10-SMA)/7402 (1h 50-SMA). Further weakness would target 7234 (5-DMA)/7161 (4h 20-SMA)/ 7000.
Momentum studies: Bias remains bullish on the daily chart with no sign of reversal – RSI is strong at 66, stochs are on the verge of a rollover to the overbought zone, MACD is on the verge of a bullish crossover, and major moving averages are biased higher.
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