BTC/USD is struggling to recover its losses on Tuesday and is currently trading at 567.62 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkn Sen: 578.95

Kijun Sen: 566.19

Trend reversal: 594.70 (90-day EMA)

“BTC/USD must close above the 600 levels (21 MA) for further bullishness”, FxWirePro said in a statement.

The pair faces immediate resistance at 581.93 levels (10 EMA) and a break above would target 594.70 (90-day EMA)/611.61 (55 EMA). On the other hand, support is seen at 534.14 (50% retracement of 465.25 and 603) and any weakness below this level will take the pair to 507.13 (200-day MA)/465.28 (August 2 low).