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FxWirePro- BTCUSD Daily Outlook
Ichimoku analysis (4-hour chart)
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.