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FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 

Tenken-Sen- $57318

 

Kijun-Sen- $57700

 

BTCUSD is trading weak after a minor jump above $60000. The overall trend is bearish as long as resistance $62000 holds. The pair is holding slightly below 4-hour Tenken-Sen, Kijun-Sen, and cloud. The pair has taken support near the Bull flag trend line, any violation below $55500 confirms minor weakness. It hits an intraday low of $55600 and is currently trading around $56417.

 

The near-term resistance is around $57000. Any indicative break above targets $58000/$58400/$59470/$6000.Major trend continuation only above $62000.

The pair's minor support is around $55500.A break below will drag the pair down till $54980/$54000/$53000 is possible.

 

Indicator (4 Hour chart)

 

CAM indicator – Bearish

 

Directional movement index – Bearish

 

It is good to sell on rallies around $59980-$60000 with SL around $62000 for TP of $53000.

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