BTC/USD moved further south on Wednesday, continuing Tuesday’s downtrend. It opened at 685.25 levels (Bitstamp) and is trading range bound between 670 and 690 levels.

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $680

Kijun-Sen level: $650

Trend reversal level - (90 day 4H EMA)-$596

The pair declined slightly till $655 after making a high of $725 yesterday. It is currently trading at $673.90 levels, at the time of writing.

Major resistance is seen at $725 and any break above targets $755 (1.13% retracement of $686 and $152.93)/ $776 (61.8% retracement of $1163 and $152)/$830. Short term support is likely to be found at $650 (4H Kijun-Sen) and any violation below will drag the pair till $596 (90 4H EMA).

“BTC/USD has taken support near 4 Hour Kijun-Sen and slightly jumped from that level. So it is good to buy at dips around $650 (4 Hour Kijun-Sen)”, said FxWirePro in a statement.