FxWirePro: BTC/USD Faces Strong Resistance at $550 , Good to Buy at Dips

FxWirePro: BTC/USD Faces Strong Resistance at $550 , Good to Buy at Dips

31 May 2016, 11:07
Roberto Jacobs
0
5

FxWirePro: BTC/USD Faces Strong Resistance at $550 , Good to Buy at Dips

  • BTC/USD has declined after making a high of $540. It is currently trading around $530. 
  • Short term trend is bullish as long as support $470 (resistance turned into support) holds. 
  • On the higher side the pair is facing resistance around $550 and any break above will take the BTC/USD(BITSTAMP) to next level till $575 (161.8% retracement of $540 and $485)/$630 (161.8% retracement of $502 and $294) 
  • The pair’s support is around $500 and break below targets $470/$450/$435. 
  • Short term trend reversal only below $435.

It is good to buy at dips around $510-$515 with SL around $470 for the TP of $550/$575/$630      

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