BTC/USD continues to trade in the red on Friday. The pair’s upward move seems to be limited by 90 EMA. It currently trades at 581.55 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 562

Kijun Sen: 574.73

Trend reversal: 596.47 (90 EMA)

The pair broke above 90 EMA briefly on Wednesday, hitting 603 levels. However, it failed to hold it strength and declined to 581 levels. A close above this trend line (90 EMA) would confirm further bullishness in the pair.

On the topside, major resistance is seen at 596.47 (90 EMA) and a break above would see the pair testing 614.44 (21 MA)/650. On the flipside, support is seen at 540 (June 23 low) and any weakness below this level would drag the pair to 503.39 (200 MA)/465.28 (Aug 2 low).