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FxWirePro: BTC/USD faces strong resistance at $470, good to sell on rallies

  • Major resistance -$470 (Apr 26th 2016)
     
  • BTC/USD has slightly recovered from the low of $451 yesterday. It is currently trading around $453.79
     
  • Minor trend is slightly bearish as long as resistance $470 holds.
     
  • The pair’s major support - $435 (55 day EMA) and any slight weakness can be seen only below $435.
     
  • Any break below $435 will drag the pair down till $420 (55 day EMA)/$385 (200 day EMA).The minor support is around $448.
     
  • On the higher side resistance is at $470 and any indicative break above targets $504/$550.

It is good to sell on rallies around $456-$458 with SL around $470 for the TP of $435/$420.

 

 

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