BTC/USD has recovered sharply after making a low of $628 yesterday. It is currently trading at $679 (BITSTAMP).

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $653

Kijun-Sen level: $648

Trend reversal level - (90 day EMA)-$652.89

Both long-term and short-term trend appear bullish for the pair. Major resistance is around $685 (Jun 25 high) and any break above targets $731 (161.8% retracement of $778 and $540)/$765 (Jun 19 high). Short-term support is seen at $659 (7 4H MA) and any violation below will drag the pair till $645 (21 4H MA)/$627 (200 4H MA).

“BTC/USD is facing strong resistance at $685 (Jun 25 high) and minor trend reversal above that level”, FxWirePro said in a statement.