BTC/USD is showing a slight dip after hitting 656 levels on October 22. It is currently trading at 644 levels at the time of writing (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 640

Kijun Sen: 628.50

Trend reversal: 608.97 (90 EMA)

“The pair broke above the 650.00 mark and hit 656 levels. It is likely to find support at 7 EMA. Both short- and long-term trend appear bullish for the pair and a jump till 684 is possible”, FxWirePro said in a statement.

Immediate resistance is seen at 656 (October 22 high) and a break above would see the pair testing 663.85 (161.8% retracement of 656 and 643.30)/684.19 (July 17 high).

On the downside, support is seen at 639.89 (7 EMA) and a break below would target 627.58 (21-day MA)/ 608.97 (90 EMA).