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FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (Daily chart)

 

Tenken-Sen- $50851

 

Kijun-Sen- $50851

BTCUSD declined after a minor pullback to $45875. The intraday trend is still on the lower side as long as resistance $47000 holds. The pair hits a low of $42100 and is currently trading around $43422. Technically, the pair is trading well below 50 and 100-day MA for the past four days. It was one of the worst performers in this month more than 25% from the previous month close to $57775.

The near-term resistance is around $47000. Any indicative break above targets $50000/$51700 $55000/$56650/$60000. Major trend continuation above $65000.

 

The pair's minor support is around $42160(200- day EMA). Any convincing break below will drag the pair down to $39540 (200- day MA).  Any close below $39000 will drag the pair down to $32500.

 

Indicator (Daily chart)

 

CAM indicator – Bearish

 

Directional movement index – Bearish

 

It is good to sell on rallies around $47000 with SL around $50000 for TP of $39300.

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