BTC/USD has slipped below the 700 mark after hitting 717.99 levels on October 29. It is currently trading at 696.40 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 673.28

Kijun Sen: 661.87

Trend reversal: 619.17 (90 EMA)

“The pair has taken support near 7-EMA and is holding its strength above this level. Both short- and long-term trend are bullish for the pair and a jump till 730 is on the cards”, FxWirePro said in a statement.

On the topside, a break above 700.00 levels would see the pair testing 717.99 (October 29 high). Further strength would take it to 727.34 levels (127.2% retracement of 717.99 and 683.60).

On the flip side, support is seen at 686.16 (7-EMA) and any violation would target 650 (21-day MA)/619.17 (90 EMA).