BTC/USD is struggling to hold its ground above 21-day MA and is currently trading at 579.75 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 569.12

Kijun Sen: 561.58

Trend reversal: 591.96 (90 EMA)

“BTC/USD is slowly approaching 90 EMA and a close above would confirm further bullishness in the pair”, FxWirePro said in a statement.

Long-term trend is bullish for the pair and it faces major resistance at 591.96 (90 EMA) and a break above will send it to 604 (100-day MA)/634 (161.8% retracement of 603 and 552.30). On the reverse side, support is seen at 550 (psychological level) and break below would target 514 (200-day MA)/465.28 (August 2 low).