BTC/USD is showing a small dip after it hit 614.28 levels on 1st October. It is currently trading at 609 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 605.14

Kijun Sen: 610.54

Trend reversal: 596.99 (90 EMA)

“The pair has failed to break above 616.71 (100-day MA) and seems to have taken support near 21-day MA. Short-term trend appears bullish and a break above 100-DMA targets 630”, FxWirePro said in a statement.

Major resistance is seen at 616.71 (100-day MA) and a break above would see the pair testing 628.99 (September 11 high) and then 651.79 (161.8% retracement of 628.99 and 592.10).

On the downside, the pair has taken support near 604.66 (21-DMA) and any violation would drag the pair to 600 (psychological levels)/ 596.99 (90 EMA)/ 578.39 (161.8% retracement of 592.10 and 614.28).