BTC/USD broke above the 4600 mark on Tuesday and hit a fresh all-time high at 4649. It is currently trading at 4623 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 4124.89

Kijun Sen: 3749.05

On the upside, immediate resistance is seen at 4664 (trend line joining 4480 and 4649) and a break above would target 4719 (113% retracement of 4480 and 3600)/4774 (trend line joining 2980 and 4480). Further strength would see it testing 4824 (113% extension of 1830 and 4480)/4900/5023.

On the flip side, support is likely to be found at 4595 (2h 10-SMA) and any violation would drag it to 4583 (1h 20-SMA)/4500/4450 (5-DMA). Further weakness would see it testing 4375 (1h 100-SMA)/4309 (10-DMA)/4269 (2h 100-SMA)/4200 (20-DMA)/4124 (50% retracement of 3600 and 4649.78)/4040 (trend line joining 1830 and 2615).

The pair is currently consolidating around current levels. Overall bias appears bullish with RSI strong at 75 and major moving averages biased higher. MACD appears to be on the verge of a bullish crossover. However, caution is advised as stochs are at overbought levels.

Recommendation: Good to go long on break above 4664. SL: 4583. TP: 4774/4800.

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