BTC/USD is continuing its upward trend and looking to break above 100-day MA. The pair hit a fresh high of 615.92 levels on Wednesday and is currently trading at 613.98 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 591.39

Kijun Sen: 584.11

Trend reversal: 589.97 (90 EMA)

“The pair appears to be determined to break above 625 levels. A close above 100-day MA would see further jump till 700 levels”, FxWirePro said in a statement.

The pair will run into resistance at 623.48 (100-day MA) and a break above would see the pair reaching 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the flipside, support is seen at 589.97 (90 EMA), and a break below would drag the pair to 550/ 529.31 (200-day MA).