FxWirePro: BTC/USD Struggles to Break Above $600, Good to Sell on Rallies
8 June 2016, 10:42
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FxWirePro: BTC/USD Struggles to Break Above $600, Good to Sell on Rallies
- Chart pattern formed - Double top
- BTC/USD has formed a double top around $600 and slightly declining from that level. It is currently trading around $575.
- The pair is facing psychological resistance around $600 and the break will take the pair till $630 ((161.8% retracement of $502 and $294)/654/$773 in short term.
- Minor trend is slightly weak as long as resistance $600 holds.
- On the downside minor support is around $550 (10 day EMA and also resistance turned into support) and any break below targets 525/$490 (61.8% retracement of $435 and $588.50)/$470 (resistance turned into support).
- Short term trend reversal only below $435 (20 th May low).
It is good to sell on rallies around $575-580 with SL around $605 for the TP of $550/$525/$505
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