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BTC/USD consolidates in a narrow range, break above 642 targets 653

BTC/USD is trading in a narrow range between 625 and 630 levels. It is currently trading at 629.57 levels (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 633

Kijun Sen: 619

Trend reversal: 606.54 (90 EMA)

“The pair is gradually moving upwards after hitting 624.13 (October 19 low) and the short-term trend appears bullish. Its upside is currently capped by 7 EMA and must break above October 15 high of 642 levels for further bullish trend”, FxWirePro said in a statement.

Immediate resistance is seen at 631.78 (7-EMA) and a break above would see the pair testing 642 levels (October 15 high) /653 levels (161.8% retracement of 642 and 624.13).

On the downside, support is seen at 622.70 (21-day MA) and a break below would target 606.54 (90 EMA)/592 (September 21 low).

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