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FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (4-Hour chart)

Tenken-Sen- $38695

Kijun-Sen- $36005

BTCUSD has declined after a minor pullback above $40000 levels. The intraday trend is bearish as long as resistance $43000. The pair is consolidating in a narrow range after a major sell-off of more than 45% this month. The ban on Bitcoin by China is putting pressure on this pair at higher levels. It hits an intraday high of $40855 and is currently trading around $37943.
The near-term resistance is around $41000. Any indicative break above targets $43000/$44780/$47000. Short-term trend continuation above $47000. 

The pair's minor support is around $37900. Any convincing break below will drag the pair down to $35000/$30000/$28392/$26948 (61.8% fib).  Any close below $26900 will drag the pair down to $20000.

Indicator (4-Hour chart)
 
CAM indicator – Neutral
 
Directional movement index – Neutral

It is good to sell on rallies around $39800-$40000 with SL around $43000 for TP of $28500.
 

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