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