BTC/USD has once again recovered after making a low of $552. It is currently trading close to 21-day MA at $576.52 (Bitstamp).

Long-term trend: bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $571.14

Kijun-Sen level: $562.63

Trend reversal level - (90 EMA)-$592.16

“BTC/USD is facing minor resistance at $585 (50% retracement of $704.93 and $465) and break above that level confirms minor bullishness”, FxWirePro said in a statement.

Major resistance is around $585 (50% retracement of $704.93 and $465) and any break above targets $603 (Aug 10th 2016 high)/ 613 (61.8% retracement of $705 and $465). On the reverse side, short-term support is seen at $562 (daily Kijun-Sen) and any violation below targets $540 (38.2% retracement of $465 and $583)/$510.10 (200 day MA).