BTC/USD is seen trading above on Wednesday. The pair has slightly recovered after making a low of $645 (BITSTAMP). It is currently trading at $654.92 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: $663

Kijun-Sen level: $655.24

Trend reversal level - (90 EMA)-$595.13

Long-term trend remains to be bullish. BTC/USD faces strong resistance at $665. So a slight bullishness can be seen only above that level.

Major resistance is around $665 (Jul 24th high) and any break above targets $685 (Jun25th high)/ $705 (Jul 2nd high). Short term support is seen at $645 (Jul 22nd low) and any violation below will drag the pair till $630 (55 days EMA)/$605 (Jul 7th low).