BTC/USD saw a major correction yesterday when it sharply plummeted from the fresh high of 2760 levels and closed at 2292.53 levels. Today, it has partially pared its losses and hit a high of 2599 levels so far in the day. It is currently trading at 2572 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2263.21

Kijun Sen: 2050.66

On the upside, the pair faces resistance at 2657 (241.4% extension of 891.33 and 1623.01) and a break above would target 2700/2760.10 (May 25 high)/2806.

Overall trend remains bullish as the pair continues to hold above 5-DMA. However, caution is advised as bearish RSI divergence could be seen on daily charts.

The pair held above 2h 90-EMA on May 25 and has again resumed its upward move. Support is seen at 2481 (1h 50-SMA) and any violation would drag it to 2421 (1h 10-SMA)/2402 (4h 20-SMA)/2319 (23.6% retracement of 891.33 and 2760).