BTC/USD fell to 624.13 on Wednesday before closing at 627.98 levels, where it trades currently (Bitstamp).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 628.28

Kijun Sen: 619

Trend reversal: 606.04 (90 EMA)

“21-day MA is acting as a major support for the pair. The short-term trend appears bullish for the pair and it is unlikely to break below the trend line joining 552.30 and 567.03”, FxWirePro said in a statement.

On the upside, major resistance is seen at 642 levels (October 15 high) and any violation would target 648.12 levels (161.8% retracement of 642 and 632.10)/684.19 (July 17 high).

On the downside, support is seen at near 621.60 (21-day MA) and a consistent break below would see the pair falling to 606.04 (90 EMA)/592 (September 21 low).