BTC/USD is trading rangebound on Wednesday and is currently hovering around 777 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 768.13

Kijun Sen: 753.63

Trend reversal: 695.43 (90 EMA)

Major resistance is seen at 791 (trend line joining 745.19 and 778.07) and a break above would target 799.74 levels (161.8% retracement of778.07 and 743) /819 (113% retracement of 778.85 and 465.28)/864.14.

On the flipside, the pair has taken support near 766.88 (10-EMA) and a break below would drag it to 743 (December 05 low)/714 (November 20 low).