FxWirePro: BTC/USD Faces Strong Resistance at $550 , Good to Buy at Dips
31 May 2016, 11:07
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FxWirePro: BTC/USD Faces Strong Resistance at $550 , Good to Buy at Dips
- BTC/USD has declined after making a high of $540. It is currently trading around $530.
- Short term trend is bullish as long as support $470 (resistance turned into support) holds.
- On the higher side the pair is facing resistance around $550 and any break above will take the BTC/USD(BITSTAMP) to next level till $575 (161.8% retracement of $540 and $485)/$630 (161.8% retracement of $502 and $294)
- The pair’s support is around $500 and break below targets $470/$450/$435.
- Short term trend reversal only below $435.
It is good to buy at dips around $510-$515 with SL around $470 for the TP of $550/$575/$630
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