BTC/USD continues to hover around the previous high of 656 levels. It has hit 657.75 levels so far in the day and is currently trading at 656.80 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 640.85

Kijun Sen: 630.36

Trend reversal: 610.71 (90 EMA)

On the upside, a consistent break above today’s high of 657.75 would target 665.89 (161.8% retracement of 656 and 640)/684.19 (July 17 high).

On the downside, support is seen at 640.15 levels (10-day MA) and any violation would drag it to 631.43 (21-day MA)/ 610.71 (90 EMA).