BTC/USD reversed the downward spell on Tuesday and hit 579.80 levels, before closing at 574.99 levels. On Wednesday, the pair is trading in a narrow range between 571 and 576 levels (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 578.95

Kijun Sen: 565.79

Trend reversal: 594.27 (90 EMA)

On the topside, BTC/USD faces major resistance at 595.66 (21-day MA) and break above would target 611.61 (55 EMA)/659.07 (61.8% retracement of 778.85 and 465.28. On the flipside, support is seen at 534.14 (50% retracement of 465.25 and 603) and violation of this level will take the pair to 508.11 (200-day MA)/465.28 (August 2 low).