BTC/USD takes support near 90-EMA, break below confirms bearishness

BTC/USD has declined sharply after hovering around 100-day MA for few days. It is currently trading at 606.44 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 599

Kijun Sen: 590.64

Trend reversal: 592.42 (90 EMA)

“The pair has taken support near 90-day EMA and is currently holding its strength above 600 mark. Only a consistent break above 100-day MA would see further upside in BTC/USD” FxWirePro said in a statement.

On the topside, major resistance is seen at 626.47 (100-day) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the other hand, support is seen at 592.42 (90 EMA), and a break below would drag the pair to 547.14 (50% retracement of 465.28 and 628.99)/ 533 (200-day MA).