FxWirePro: EUR/JPY regains upside traction, retraces above 200H MA after upbeat Eurozone Retail Sales data
FxWirePro- BTCUSD Daily Outlook
Ichimoku analysis (4-hour chart)
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.