FxWirePro: BTC/USD Faces Resistance at $457, Good to Buy at Dips
2 May 2016, 11:16
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FxWirePro: BTC/USD Faces Resistance at $457, Good to Buy at Dips
- Major resistance -$457 (61.8% retracement of $469.87 and $435)
- BTC/USD has retreated after making a low of $456.60.It is currently trading around $446.99.
- Short term trend is bullish as long as support $435 holds
- The pair’s major support - $435 (21 day MA) and any slight weakness can be seen only below $432.
- Any break below $435 will drag the pair down till $420 (55 day EMA)/$385 (200 day EMA).The minor support is around $453(7 day EMA)/$440.
- On the higher side resistance is at $457 and any indicative break above targets $470/$504/$550.
It is good to buy at dips around $445 with SL around $434 for the TP of $480/$504/$550.
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