Ichimoku analysis (4-Hour chart)
Tenken-Sen- $33885
Kijun-Sen- $34447
BTCUSD recovered more than 15% after positive news from El Salvador. El Salvador became the first country to grant legal tender status. The lawmakers approved the bill with a supermajority of 62 out of 84 votes. The pair has formed a double bottom around $31000, any weakness only if closes below that level. It hits an intraday low of $36393 and is currently trading around $36362.
The near-term resistance is around $39350. Any indicative break above targets $41000/$43000. Short-term trend continuation above $47000.
The pair's minor support is around $30000. Any convincing break below will drag the pair down to $28392/$26948 (61.8% fib). Any close below $26900 will drag the pair down to $20000.
Indicator (4-Hour chart)
RSI – Oversold
Directional movement index – Bearish
It is good to sell on rallies around $35800-600 with SL around $40000 for TP of $26900.
