BTC/USD is trading in a tight range on Wednesday, with its movement restricted between 10-EMA and 21-day MA. It is currently trading at 731 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 735.50

Kijun Sen: 718

Trend reversal: 670.33 (90 EMA)

On the upside, the pair is facing strong resistance at 731.96 levels (10-EMA) and a break above would see it testing 755 levels (November 19 high)/778.85 (June 18 high). Only a break above 755 levels would make way for further upside.

On the downside, 728 levels (21-day MA) is acting as a major support for the pair. Any violation would weaken it to 714 (November 20 low)/ 702 (61.8% retracement of 670.32 and 755.07).