BTC/USD has declined sharply after hitting a high of 603 levels. It has plunged to 556.24 levels and currently trades at 569.75 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 579.62

Kijun Sen: 570.14

Trend reversal: 595.36

Short-term trend appears bearish. BTC/USD is trading well below 90 EMA and must break above for further upside. It faces further resistance at 613.32 (55 EMA) and any violation will see the pair testing 659.07 (61.8% retracement of 778.85 and 465.28). On the other hand, the pair is likely to find support at 534.14 (50% retracement of 465.25 and 603) and a break below will drag it to 506 (200-day MA)/465.28.