BTC/USD is continuing to trade weak below 600 levels on Thursday. It is currently hovering around 90-EMA and is trading at 594.90 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 601.39

Kijun Sen: 596.90

Trend reversal: 594.96 (90 EMA)

“The pair has declined sharply after hitting 609.50 levels and fallen below 600 levels. It has broken below September 11 low of 594.63 levels and a close below 90-EMA would see a further dip till $550 levels”, FxWirePro said in a statement.

On the top side, major resistance is seen at 600 (55 EMA) and a break above would see the pair testing 610 levels (psychological)/ 628 (September 11 high).

On the downside, support is likely to be found at $550 levels (psychological) and any violation would further weaken the pair to 542.17 (200-day MA)/527 (61.8% retracement of 465.28 and 628.99).