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FxWirePro- BTCUSD Daily Outlook
Ichimoku analysis (Daily chart)
BTCUSD has once again declined after a minor pullback above $40000.The overall trend is still bearish as long as resistance $47000 holds. The pair was one of the worst performers in the past month and lost more than 50% of its all-time high of $64985 due to negative news from China on crypto mining. It hits an intraday low of $37016 and is currently trading around $37154.
The near-term resistance is around $39553. Any indicative break above targets $41000/$42500/$43339/$45870/$47000. Short-term trend continuation above $47000.
The pair's minor support is around $36000. Any convincing break below will drag the pair down to $34800/$32550/$30000. Any close below $30000 will drag the pair down to $26800/$20000.
Indicator (Daily chart)
CAM Indicator – Slightly bullish
Directional movement index – Neutral
It is good to sell on rallies around $39000 with SL around $42500 for TP of $30000.