FxWirePro: BTC/USD faces strong resistance at $600, good to buy on dips

BTC/USD has declined slightly from the high of $594 made on Aug 8. It is currently trading at $584.95 (Bitstamp).

Long term trend: bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $547.64

Kijun-Sen level: $574.73

Trend reversal level - (90 EMA)-$597

“The pair is facing strong resistance at $597 (90 day EMA) and close above that level confirms minor bullishness”, FxWirePro said in a statement.

Major resistance is around $597 (90 day EMA) and any break above targets $622 (21 day EMA)/$658 (61.8% retracement of $778 and $465). Short-term support is seen at $540 (38.2% retracement of $465 and $583) and any break below targets $522/$500 (200 day MA).