BTC/USD has broken minor resistance $645 and declined till $614.97 at the time of writing. It is currently trading at $617.79 levels (Bitstamp).

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $639.98

Kijun-Sen level: $644.84

Trend reversal level: $600 (90 EMA)

“BTC/USD trades well below 55 day EMA. So further decline till $540 is possible”, FxWirePro said in a statement.

Long-term trend remains bullish for the pair and it faces major resistance around $635 (55 day EMA) and any break above will target $647(7 day EMA)/ $665 (Jul 24 low). On the reverse side, short-term support is seen at $600 (90 day EMA) and any violation below will drag the pair till $540 (Jun 23 low).