BTC/USD is consolidating in a narrow range and is trading around yesterday’s close at 607 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 611
Kijun Sen: 590.64
Trend reversal: 593 (90 EMA)
"The pair’s upside is being capped by 9-EMA and it must break above this level for further bullishness ”, FxWirePro said in a statement.
BTC/USD faces major resistance at 627.15 (100-day) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).
On the reverse side, the pair has taken support near 600.00 levels (psychological level) and a break below would drag the pair to 593.08 (90 EMA)/ 547.14 (50% retracement of 465.28 and 628.99)/ 534.89 (200-day MA).
