FxWirePro: BTC/USD Struggles to Break Above $600, Good to Sell on Rallies

FxWirePro: BTC/USD Struggles to Break Above $600, Good to Sell on Rallies

8 June 2016, 10:42
Roberto Jacobs
0
10

FxWirePro: BTC/USD Struggles to Break Above $600, Good to Sell on Rallies

  • Chart pattern formed - Double top   
  • BTC/USD has formed a double top around $600 and slightly declining from that level. It is currently trading around $575. 
  • 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 short term.           
  • Minor trend is slightly weak as long as resistance $600 holds. 
  • On the downside minor support is around $550 (10 day EMA and also resistance turned into support) and any break below targets 525/$490 (61.8% retracement of $435 and $588.50)/$470 (resistance turned into support). 
  • Short term trend reversal only below $435 (20 th May low).

It is good to sell on rallies around $575-580 with SL around $605 for the TP of $550/$525/$505    

The material has been provided by ifx_logo.gif



Share it with friends: