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FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (4-hour chart)

 

Tenken-Sen- $55259

 

Kijun-Sen- $57037

 

BTCUSD is consolidating in a narrow range between $57592 and 53400 for the past two days. The intraday bullishness can happen only if it breaks $58000.Bitcoin was one of the best performers this year and surged more than 95%. It hits a fresh all-time high around $64985 and shown a massive sell-off. The pair is trading above 4-hour Kijun-Sen, cloud, and Ten-Ken.

 

The near-term resistance is around $58000. Any indicative break above targets $59110 (100 4H MA) /$6000/$61700.Major trend continuation above $65000.

The pair's minor support is around $54300.A break below will drag the pair down till $53400/$53000/$50300/$49300 is possible. Significant bearishness only if it breaks $43000.

 

Indicator (4 Hour chart)

 

CAM indicator – Slightly Bullish

 

Directional movement index – Bearish

 

It is good to sell on rallies around $57900-$58000 with SL around $60000 for TP of $50300.

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