FxWirePro: BTC/USD Faces Strong Resistance at $600, Good to Buy at Dips
6 June 2016, 10:29
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FxWirePro: BTC/USD Faces Strong Resistance at $600, Good to Buy at Dips
- BTC/USD is trading stronger and jumped till $588 on Friday. It is currently trading around $580.
- The pair is facing psychological resistance around $600 and the break will take the pair till $630 (161.8% retracement of $502 and $294)/654/$773 in the short term.
- Short term trend is bullish as long as support $549 (7 day EMA and also resistance turned into support) holds.
- The pair’s support is around $549 (7 day EMA) and any violation below targets $525/$490 (61.8% retracement of $435 and $588.50)/$470 (resistance turned into support).
- Short term trend reversal only below $435 (20th May low).
It is good to buy around $540 with SL around $490 for the TP of $630/$654/$770
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