BTC/USD has jumped till $580 at the time of writing after making a low of $465 (Aug 2 low), the plunge being attributed to the recent Bitfinex security breach. It is currently trading at $569 (Bitstamp).

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $562.30

Kijun-Sen level: $574.73

Trend reversal level - (90 EMA)-$598

“The pair has declined slightly below 200 day MA on Aug 2, 2016 and closed well above that level. Major trend reversal will happen if the pair closes below 200 day MA in daily chart”, FxWirePro said in a statement.

Long-term trend appears bullish for the pair. On the upside, major resistance is around $575 (daily Kijun-Sen) and any break above targets $585 (50% retracement of $704.93 and $465)/$600. On the other side, short-term support is likely to be found at $522 (50% retracement of $465 and $580) and any break below targets $494 (200 day MA) / $465 (Aug 2 low)/$438 (161.8% retracement of $540 and $705).