BTC/USD has slightly recovered after making a low of $605. It is currently trading at $637.86 levels (Bitstamp), at the time of writing.

Ichimoku analysis (4 Hour chart):

Tenkan-Sen level: $641.96

Kijun-Sen level: $643.93

Trend reversal level - (90 4H EMA)-$661.53

"BTC/USD has taken support near $605 (55 day EMA) and slightly jumped from that level. It should break below $600 for further weakness”, FxWirePro said in a statement.

Long-term trend remains bullish for the pair and major resistance is seen around $655.50 (200 4H EMA) and any break above targets $685 (Jun 25 high)/$705 (Jul 2 high)/ $731 (161.8% retracement of $778 and $540). On the other hand, short-term support is likely to be found at $605 (55 day EMA) and any violation below will drag the pair till $540 (Jun 23 low)/$514 (113% retracement of $540 and $705).