BTC/USD is seen trading above in green on Wednesday. The pair has slightly retreated after making a high of $678 levels (BITSTAMP) yesterday. It is currently trading at $666.57 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: $643.93

Kijun-Sen level: $659.51

Trend reversal level - (90 days EMA)-$570

Long-term trend and short-term trend remains to be bullish. BTC/USD is facing strong resistance at $685. It should break above this level for further bullishness.

Major resistance is around $685 (Jun 25th high) and any break above targets $705 (Jul 2nd high)/ $731 (161.8% retracement of $778 and $540). Short term support is seen at $643 (daily Tenken-Sen) and any violation below will drag the pair till $612 (55 day EMA)/$540 (Jun 23rd low).