BTC/USD is riding high on the back of newly found momentum and has broken above previous high of 628.99 levels. It is currently trading at 631 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 610.99

Kijun Sen: 604.54

Trend reversal: 599.48 (90 EMA)

The pair is trading well above 100-day MA and will now face resistance at 651.79 (161.8% retracement of 628.99 and 592.10) and a break above would target 704.99 (July 03 high)/ 736 (113% retracement of 704.99 and 465.28).

On the other hand, support is likely to be found at 612.43 (100-day MA) and a break below would target 599.11 (90 EMA)/552.30 (August 19 low).