BTC/USD lost ground on Tuesday and is trading in the red at 685.99 levels, at the time of writing. The pair reached to a high of 725 levels (Bitstamp) on Monday, before closing at 704.49 levels.
Ichimoku analysis of 4-hour chart shows:
Tenkan-Sen level: $680
Kijun-Sen level: $648
Trend reversal level - (90 day 4H EMA)-$580
Long term trend continues to be bullish and the pair faces near-term resistance at 725 levels (June 13 high), followed by a major resistance at $755 (1.13% retracement of $686 and $152.93) and any break above will target $776 (61.8% retracement of $1163 and $152)/$830.
On the other side, BTC/USD faces short-term support at $677 (7 4H EMA) and any violation below will drag the pair till $648/$600.
“RSI has reached the level of 90 in the 4-hour chart, confirming an overbought situation. So, uptrend correction till 600 levels in the short-term seems likely”, according to FxWirePro.
Commenting on bitcoin’s performance in the recent years, ShapeShift CEO Erik Voorhees tweeted:
This doesn't get enough coverage, but Bitcoin has been the world's best performing currency for 6 of the last 7 years ('10-'16 excl. '14)
— Erik Voorhees (@ErikVoorhees) June 13, 2016
