FxWirePro: BTC/USD upside capped by 9-day MA, good to sell on rallies
Friday, August 19, 2016 7:41 AM UTC
BTC/USD is trading in a narrow range between $579.80 and $566 for the past three trading session.It is currently trading at $570.97 (Bitstamp).
Long-term trend: bullish
Ichimoku analysis (Daily chart):
Tenkan-Sen level: $578.95
Kijun-Sen level: $565.14
Trend reversal level - (90 EMA) - $593.27
"The pair is facing minor resistance at $576.49 (9-day EMA) and break above that level confirms minor bullishness”, FxWirePro said in a statement.
Major resistance is around $578 (9-day EMA) and any break above targets $603 (Aug 10th 2016 high)/$609 (55-day EMA)/$617 (61.8% retracement of $705 and $465).
Short-term support is likely to be found at $565 (daily Kijun-Sen) and further weakness will target $540 (38.2% retracement of $465 and $583) $510.10 (200-day MA).
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