BTC/USD declined to 714 levels after it hit 755 levels on November 19. It is currently trading at 730 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 719.15

Kijun Sen: 703.38

Trend reversal: 656.04 (90 EMA)

The pair must break above the previous high of 755 levels (November 19) for further upside. A consistent break above this level would see it testing 778.85 (June 18 high)/800 (psychological level).

On the reverse side, support is seen at 716.70 (21-day MA) and any violation would see a dip till 683 (November 13 low)/ 670 (November 03 low).