BTC/USD has recovered sharply after making a low of $640 at the time of writing. It is currently trading at $674 (Bitstamp).

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $672

Kijun-Sen level: $666

Trend reversal level - (90 4H EMA)-$660

Both long-term and short-term trend appear bullish. Major resistance is around $685 (Jun 25 high) and any break above targets $705 (Jul 2 high)/ $731 (161.8% retracement of $778 and $540)/$765 (Jun 19 high). On the downside, short-term support is seen at $660 (90 4H EMA) and any violation below will drag the pair till $640 (200 4H MA)/$621 (Jun 29 low).

“BTC/USD is facing strong support at $640 (200 4H MA) and minor trend reversal only below that level”, FxWirePro said in a statement.