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FxWirePro: BTC/USD faces strong resistance at 7-DMA, further bullishness on close above

BTC/USD has restored its strength to around 2200 levels after it plunged to 1850 levels on May 27. It is currently trading at 2216 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 2305.05

Kijun Sen: 2102.52

On the upside, the pair faces immediate resistance at 2239.95 (7-DMA) and a break above would see it testing 2305 (daily Tenkan Sen)/2354 (200% extension of 891.33 and 1623.01)/2400. On the daily charts, RSI and Stochs have rolled over from overbought zone. However, RSI is holding above 50. A bearish MACD crossover also could be seen on daily charts.

On the 2-hour chart, the pair faces strong resistance at 2278 (2h 50-SMA) and further bullishness could be seen on a decisive break above this level.

On May 27, the pair broke below 20-DMA and hit 1850 levels but manage to close above at 2042 levels. It is likely to find support at 2060.49 (4h 100-EMA) and a break below is likely to drag it to 1850 (May 27 low)/1765 (4h 200-SMA). Bearishness in the pair could be confirmed if it closes below 1990 (trend line joining 1139.89 and 1892).

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