FxWirePro: BTC/USD Consolidates in Narrow Range, Good to Sell on Rallies

FxWirePro: BTC/USD Consolidates in Narrow Range, Good to Sell on Rallies

9 June 2016, 12:34
Roberto Jacobs
0
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FxWirePro: BTC/USD Consolidates in Narrow Range, Good to Sell on Rallies

  • Major resistance - $600 
  • BTC/USD has formed the temporary top around $594 and declining from that level. It is currently trading around $581. 
  • 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 bullishness can be seen only above  the temporary top ($600). 
  • On the downside minor support is around $568 (7 day EMA) and any break below targets $550 (daily Tenken-Sen)/$ 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 $580-$585 with SL around $605 for the TP of $550/$525/$505  

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