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FxWirePro: BTC/USD struggles to break above $470, good to buy at dips

  • Major resistance -$470
     
  • BTC/USD has once again retreated after making a high of $469.47. It is currently trading around $464.
     
  • Short term trend is bullish as long as support $432 holds
     
  • The pair’s major support - $432 (21 day MA) and any slight weakness can be seen only below $432.
     
  • Any break below $432 will drag the pair down till $420 (55 day EMA)/$385 (200 day EMA).
     
  • On the higher side resistance is at $470 (Yesterday high) and any indicative break above targets $480/$504/$550.

It is good to buy at dips around $450 with SL around $434 for the TP of $480/$504/$550.

 

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