BTC/USD is showing a slight dip after hitting 609 levels and is currently trading at 602 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 587.92

Kijun Sen: 580.67

Trend reversal: 588.87 (90 EMA)

The pair is trying to hold its strength above the 600.00 mark. On the upside, it faces major resistance at 621.65 (100-day MA) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the other hand, support is seen at 588.87 (90 EMA), and any weakness below this level would drag the pair to 550/ 527.44 (200-day MA).