BTC/USD Breaks Major Resistance $550, Targets $575/$630

BTC/USD Breaks Major Resistance $550, Targets $575/$630

3 June 2016, 12:31
Roberto Jacobs
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BTC/USD Breaks Major Resistance $550, Targets $575/$630

  • BTC/USD has broken major resistance $550 and this confirms continuation of bullish trend.  It is currently trading around $550.50. 
  • Short term trend is bullish as long as support $525 (7 day EMA) holds. 
  • On the higher side 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 $525 (7 day EMA) and any violation below targets $500 (23.6% retracement of $352 and $548.50)/$470 (resistance turned into support). 
  • Short term trend reversal only below $435 (20 th May low).

It is good to Buy around $550 with SL around $525 for the TP of $575/$630          

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