FxWirePro: BTC/USD trades flat, good to buy on dips

BTC/USD is trading in narrow range between $598.81and $582 for the past two trading session. It is currently trading at $584.76 (Bitstamp).

Long term trend: bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $559.99

Kijun-Sen level: $574.73

Trend reversal level - (90 EMA)-$598

The pair is facing strong resistance at $598 (90 day EMA) and close above that level confirms minor bullishness. Major resistance is around $598 (90 day EMA) and any break above targets $626 (55 day EMA)/$642 (21 day MA). On the other hand, short-term support is likely to be found at $540 (38.2% retracement of $465 and $583) and any break below targets $522/$496 (200 day MA).