BTC/USD declined further on Wednesday, falling to a low of $621.09 levels so far in the day. It is currently trading at $634 levels at press time (Bitstamp).

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $643.30

Kijun-Sen level: $646.54

Trend reversal level - (90 day EMA) - $654

The long-term trend is bullish for the pair and major resistance is around $654 (90 4H EMA) and any break above targets $665 (Jun 28 high)/$685 (Jun 25 high). The short-term trend appears to be bearish and the pair is likely to find short-term support at $619 (200 4H MA) and any violation below will drag the pair till $595 (61.8% retracement of $540 and $683)/$540 (Jun 23 low).

“The pair has declined slightly till $621 after making a high of $665 yesterday. BTC/USD is trading slightly weak and any break below 200 4H MA confirms short term weakness”, FxWirePro said in a statement.