Ichimoku analysis (4-hour chart)
Tenken-Sen- $52110
Kijun-Sen- $54410
BTCUSD has shown a minor recovery of more than $3000 from yesterday's low of $50360. The pair still holding below trend line support and 200-4H EMA. The intraday trend is weak as long as resistance $56050 holds. The pair has formed a temporary top around $61700 and started to decline from that level. It is holding above 4 Hour Tenken-Sen and below Kijun-Sen and cloud. Any violation below $50300 confirms minor bearishness, a dip till $49300/$46550/$43000 is possible.
The pair's near-term resistance is around $54000.Any violation above confirms intraday bullishness. A jump till $54700/$55500 is possible.
Indicator (4 Hour chart)
CAM indicator – Neutral
Directional movement index – Bearish
It is good to sell on rallies around $53580-600 with SL around $55000 for TP of $49300/$46800.
