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FxWirePro: BTC/USD struggles to break below 90-EMA, good to sell on rallies

BTC/USD is trading flat on Friday and struggling to break below 90 EMA. It is currently trading at 595.07 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 601.39

Kijun Sen: 597.89

Trend reversal: 594.97 (90 EMA)

“The pair is trading below both Tenkan Sen and Kijun Sen. This, along with the crossover of 10- and 21-DMA suggests a short-term bearish trend in the pair. A dip till 550 is on the cards”, FxWirePro said in a statement.

BTC/USD faces immediate resistance at 600 (55 EMA) and a break above would target 610 levels (psychological)/ 628 (September 11 high).

On the flipside, support is seen at $550 levels (psychological) and a break below would drag the pair to 542.17 (200-day MA)/527 (61.8% retracement of 465.28 and 628.99).

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