BTC/USD is hovering around yesterday’s close of 634 levels at the time of writing. The pair is trading well above 5-day MA suggesting a further bullish trend is likely to follow (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 622.49

Kijun Sen: 616.05

Trend reversal: 601.10 (90 EMA)

“The pair seems to have taken support near 5-day MA. This along with the crossover of 21-DMA and 100-DMA suggests further jump in the pair. It must break above the previous high of 640 levels for further bullishness”, FxWirePro said in a statement.

Immediate resistance is seen at 640 (October 12 high) and a break above would target 651.79 (161.8% retracement of 628.99 and 592.10)/ 704.99 (July 03 high)

On the downside, support is likely to be found at 623.38 (5-day MA) and a break below would drag the pair to 601.10 (90 EMA)/552.30 (August 19 low).