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FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (Daily chart)

 

Tenken-Sen- $52318

 

Kijun-Sen- $55949

 

BTCUSD has recovered more than $8000 after forming a bottom of around $47000.The digital asset has halted its ten days of a bearish trend. The jump above $56000 confirms trend continuation. Short term trend is still weak as long as resistance $57000 (50-day MA) holds. The pair has formed a temporary top of around $64895 and lost more than 25%. It hits an intraday low of $53811 and is currently trading around $54413.

 

The near-term resistance is around $56000. Any indicative break above targets $57000/$60000. Major trend continuation above $65000.

 

The pair's minor support is around $5300.A break below will drag the pair down till $50000/$47000/$43000 is possible. Significant bearishness only if it breaks $43000.

 

Indicator (Daily chart)

 

CAM indicator –Slightly bullish

 

Directional movement index – Bearish

 

It is good to sell on rallies around $56000 with SL around $58000 for TP of $43000.

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