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- BTC/USD has declined after making a high of $548.50. It is currently trading around $532.50.
- Short term trend is bullish as long as support $470 (resistance turned into support) holds.
- On the higher side the pair is facing resistance around $550 and any break above will take the BTC/USD(BITSTAMP) to next level till $575 (161.8% retracement of $540 and $485)/$630 (161.8% retracement of $502 and $294)
- The pair’s support is around $500 (23.6% retracement of $352 and $548.50) and break below targets $470/$450/$435.
- Short term trend reversal only below $435 (20 th May low).
It is good to buy at dips around $510-$515 with SL around $470 for the TP of $550/$575/$630
