BTC/USD trades in the red on Tuesday, failing to continue the upswing seen yesterday. It hit a high of $665.51 levels so far in the day (Bitstamp) and currently trades at $649.34 levels, at press time.

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $641.77

Kijun-Sen level: $646.54

Trend reversal level - (90 4H EMA)-$656

Long-term and short-term trend remain bullish for the pair. Major resistance is around $689 (61.8% retracement of $778 and $540) and any break above targets $725/$750. Short-term support is likely to be found at $613 (200 4H MA) and any violation below will drag the pair till $595 (61.8% retracement of $540 and $683)/$540 (Jun 23 rd low).

“The pair has declined slightly after making a high of $665 at the time of writing. BTC/USD is trading well above Tenkan-Sen and Kijun-Sen. So a slight jump till $685/$725 is possible”, FxWirePro said in a statement.