FxWirePro: BTC/USD Faces Strong Resistance at $470, Good to Sell on Rallies
- Major resistance -$470 (Apr 26th 2016)
- BTC/USD has slightly recovered from the low of $451 yesterday. It is currently trading around $453.79
- Minor trend is slightly bearish as long as resistance $470 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 $448.
- On the higher side resistance is at $470 and any indicative break above targets $504/$550.
It is good to sell on rallies around $456-$458 with SL around $470 for the TP of $435/$420.