FxWirePro: BTC/USD struggles to break above $685, good to buy on dips

BTC/USD has once again retreated after making a high of $682.21 yesterday. It is currently trading at $671 (Bitstamp).

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $660

Kijun-Sen level: $622

Trend reversal level - (90 EMA)-$582

“BTC/USD is facing strong resistance at $685 (Jun 25 high).It should break below this level for further bullishness”, FxWirePro said in a statement.

Both long- and short-term trend remain bullish and the pair faces major resistance around $685 (Jun 25 high) and any break above targets $705 (Jul 2 high)/$731 (161.8% retracement of $778 and $540). Short-term support – $662 (21 day MA) and any violation below will drag the pair till $622 (daily Kijun-Sen)/ $612 (55 day EMA)/$540 (Jun 23 low).