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BTC/USD struggles to close above 21-day MA, bullishness only above 600

BTC/USD is hovering around 21-day MA and trading at 579.85 levels at the time of writing (Bitstamp). A close above this level would confirm minor bullishness in the pair.

Ichimoku analysis of daily chart:

Tenkan Sen: 569.12

Kijun Sen: 559.99

Trend reversal: 591 (90-day MA)

Long-term trend is bullish for the pair and it faces major resistance at 591 (90-day MA) and any violation will see it testing 607.74 levels/634 (161.8% retracement of 603 and 522.30).

On the other hand, support is likely to be found at 550 (psychological level) and any weakness would drag the pair to 517.14 (200-day MA)/465.28 (August 2 low).

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