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FxWirePro: BTC/USD trades well above $500, good to buy at dips

  • BTC/USD is trading positive and has closed well above $500 for past five trading days . It is currently trading around $535.
     
  • 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       

 

 

 

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