FxWirePro: BTC/USD Faces Strong Resistance at $470, Good to Sell on Rallies

FxWirePro: BTC/USD Faces Strong Resistance at $470, Good to Sell on Rallies

17 May 2016, 15:08
Roberto Jacobs
0
7

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.

The material has been provided by ifx_logo.gif



Share it with friends: