BTC/USD is trading in the red after hitting 100-day MA. The pair hit a fresh high of 628.98 levels on Thursday and failed to hold its strength above 100 DMA. It is currently trading at 615.22 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 597.92

Kijun Sen: 590.64

Trend reversal: 590.65 (90 EMA)

“100-day MA is acting as a major resistance to the pair and only a consistent break above this level would confirm further uptrend” FxWirePro said in a statement.

On the upside, major resistance is seen at 624.36 (100-day) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the reverse side, support is seen at 590.65 (90 EMA), and a break below would see the pair falling to 547.13 (50% retracement of 465.28 and 628.98)/ 530.22 (200-day MA).