FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (4-hour chart)

Tenken-Sen- $54726

Kijun-Sen- $55987

BTCUSD is trading in a narrow range between $53320 and $57633 for the past three days.  The pair upside has been capped by Kijun-Sen (4H) and intraday bullishness can happen only if it breaks above $55987.Bitcoin was one of the worst performers in past one week and lost more than 20% from its all-time high of $64895.The pair is trading below 4-hour Kijun-Sen, cloud, and Ten-Ken.

The near-term resistance is around $56000. Any indicative break above targets $57371-$57572 (55 and 200 4H EMA) /$57850/$6000/$61700.Major trend continuation above $65000.

The pair's minor support is around $53000.A break below will drag the pair down till $50300/$49300/$46000 is possible. Significant bearishness only if it breaks $43000.

Indicator (4 Hour chart)

CAM indicator –Bullish

Directional movement index – Bearish

It is good to sell on rallies around $55980-6000 with SL around $58000 for TP of $50300/$49300.