BTC/USD hit 640 levels on Monday before closing at 648.60 levels. Today, the pair is struggling for a consistent break above 650 levels and is trading at 651 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 640

Kijun Sen: 628.50

Trend reversal: 609.84 (90 EMA)

“The pair has taken support near 638 levels (10-day MA) and is facing minor resistance at 652 levels (78.6% retracement of 656 and 640. A break above the previous high of 656 levels would target 685 levels”, FxWirePro said in a statement.

The pair faces major resistance at 656 (October 22 high) and a break above would target 663.85 (161.8% retracement of 656 and 643.30)/684.19 (July 17 high).

On the downside, support is seen at 638.55 levels (10-day MA) and any violation would drag it to 629.37 (21-day MA)/ 609.84 (90 EMA).