FxWirePro: BTC/USD Struggles to Break Above $470, Good to Buy at Dips

FxWirePro: BTC/USD Struggles to Break Above $470, Good to Buy at Dips

11 May 2016, 11:13
Roberto Jacobs
0
7

FxWirePro: BTC/USD Struggles to Break Above $470, Good to Buy at Dips

  • Major resistance -$470 (Apr 26th 2016) 
  • BTC/USD has once declined till $447 after making a high of $464.79.It is currently trading around $453. 
  • Short term trend is bullish as long as support $435 holds 
  • The pair’s major support - $435 (55 day EMA) and any slight weakness can be seen only below $435. 
  • 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 $470 and any indicative break above targets $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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