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BTC/USD Short term outlook

  • BTC/USD has made a high of $299 and slightly retreated from that level. Overall trend is bullish as long as support $272 (55 day EMA) holds.

  • It is facing short term resistance around $308 and any break above could pave the way for next target $342 (61.8% retracement of $162.68 and $454).

  • Any short term trend reversal can happen only below $ break below will take the pair further down till $259/$ support is around $285(Kijun -Sen).

Indicators (4 Hour chart)

CCI (50) - Buy

CCI (14) - Buy

Ichimoku- Buy

Recommendation: Buy BTC/USD around $282, SL $272, Targets $304/$340.

 

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