BTC/USD is trading weak, with its upside capped by 21-day MA. It is currently trading at 572.80 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 569.12

Kijun Sen: 539.15

Trend reversal: 590.28 (90 EMA)

“The pair has failed to close above 21-day MA in the last couple of days. It should close above 600.00 levels for strong bullish trend”, FxWirePro said in a statement.

On the upside, major resistance is seen at 590.28 (90 EMA) and a break above would target 611 (100-day MA)/ 634 (161.8% retracement of 603 and 522.30).

On the other hand, support is likely to be found at 550 (psychological level) and any weakness would target 520 (200-day MA)/465.28 (August 2 low).