BTC/USD is trading lower on Wednesday and fell to $650 levels (Bitstamp), before recovering to $663 levels where it trades at the time of writing.

Ichimoku analysis (4 Hours chart):

Tenkan-Sen level: $683

Kijun-Sen level: $702

Trend reversal level - (90 day 4H EMA) - $520

Long-term trend remains bullish and major resistance is seen around $684 (38.2% retracement of $778.70 and $625) and any break above would target $702/$725 (21 4H MA). On the flipside, short-term support is likely to be found at $615 (4 H Kijun-Sen) and any violation below will drag the pair till $575 (200 4h MA). Short-term trend is weak for the pair.

“BTC/USD has slightly recovered after making a low of $625 and is well below Tenken-Sen and Kijun-Sen level. So slight dip till $576 is possible”, FxWirePro said in a statement.