FxWirePro: BTC/USD faces strong resistance at $600, good to buy on dips

BTC/USD jumped till $598.81 yesterday and slightly declined from that level. It is currently trading at $583.31 (Bitstamp).

Long-term trend: bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $561.39

Kijun-Sen level: $574.73

Trend reversal level - (90 EMA)-$598

“The pair is facing strong resistance at $598 (90 day EMA) and close above that level confirms minor bullishness”, FxWirePro said in a statement.

On the topside, major resistance is seen around $598 (90 day EMA) and any break above targets $626 (55 day EMA)/$642 (21 day MA). On the reverse side, short-term support is likely to be found at $540 (38.2% retracement of $465 and $583) and any break below targets $522/$496 (200 day MA).