BTC/USD is once again showing strength as it closed above the 700.00 mark on Monday. The pair is currently trading at 711 levels at press time (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 712.04

Kijun Sen: 685.09

Trend reversal: 644.64 (90 EMA)

“The pair is moving upwards on the back of new found momentum. It has broken above 21-day MA and a break above November 03 high of 745 levels would make way for further upside”, FxWirePro said in a statement.

On the topside, major resistance is now seen at 745 levels (November 03 high) and any violation would target 778.85 (June 18 high)/ 800 levels.

On the reverse side, 702.09 (21-day MA) is likely to act as a support for the pair and a break below would see a dip till 683(November 13 low)/ 663.90 (55 EMA).