BTC/USD is fell to 628.76 levels before restoring to 637 levels, where it currently trades. It has hit a high of 640 levels so far in the day (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 621.99

Kijun Sen: 615.55

Trend reversal: 600.35 (90 EMA)

Immediate resistance is seen at 640 (today’s high) and a break above would see the pair testing 651.79 (161.8% retracement of 628.99 and 592.10)/ 704.99 (July 03 high).

On the downside, support is likely to be found at 614.43 (10-day MA) and a break below would target 600.35 (90 EMA)/552.30 (August 19 low).