BTC/USD continues choppy trade, bullishness only above 600
BTC/USD is trading in a choppy range on Friday, continuing the pattern seen for the rest of the week. It is currently trading at 568 levels at the time of writing (Bitstamp). Ichimoku analysis of daily chart: Tenkan Sen:…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/USD is trading in a choppy range on Friday, continuing the pattern seen for the rest of the week. It is currently trading at 568 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 573.63
Kijun Sen: 577.65
Trend reversal: 588.41 (90 EMA)
Short-term trend remains weak for the pair as it has failed to close above 21-day MA from past couple of days. A break above this trend line would target 588.41 (90 EMA) and further strength would take it to 603 (August 10 high).
On the reverse side, support is likely to be found around 550 (psychological level) and break below would target $540 (38.2% retracement of $465 and $583)/ $523.10 (200 day MA).
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