BTC/USD seems to be consolidating in a narrow range. It has hit 609.63 levels so far in the day and currently trades at 605.94 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 588.30

Kijun Sen: 581

Trend reversal: 589.29 (90 EMA)

“The pair is trading well above 90 EMA and is targeting 620 levels. A close above the 100-day MA trend line would see further jump till 700.00 levels”, FxWirePro said in a statement.

Major resistance is seen at 622.55 (100-day MA) and a break above would see the pair reaching 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the reverse side, support is likely to be found at 589.29 (90 EMA), and a break below would target 550/ 528.38 (200-day MA).