The past weekend was quite eventful for bitcoin as BTC/USD has finally broken above 600 levels, after trading flat for past several days.

The pair is currently trading at 604 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 586.93

Kijun Sen: 580.67

Trend reversal: 588.54 (90 EMA)

On the upside, major resistance is seen at 620.81 (100-day MA) and a break above would target 653.69 (78.6% retracement of 704.99 and 465.28)/ 705 (July 3 high).

On the downside, support is seen at 588.54 (90 EMA) and any weakness below this level would drag the pair to 550/ 526.53 (200-day MA).