BTC/USD continues to trade below 21-day MA at 575.97 levels at the time of writing (Bitstamp). Ichimoku analysis of daily chart: Tenkan Sen: 575.38 Kijun Sen: 577.50 Trend reversal: 589.50 (90 EMA) Long-term trend is bul…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/USD continues to trade below 21-day MA at 575.97 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 575.38
Kijun Sen: 577.50
Trend reversal: 589.50 (90 EMA)
Long-term trend is bullish for the pair and major resistance is seen at 589.50 (90 EMA) and a break above would target 612.91 (100-day MA)/ 634 (161.8% retracement of 603 and 522.30).
On the flipside, support is likely to be found at 550 (psychological level) and any violation would see the pair falling to 521 (200-day MA)/465.28 (August 2 low). Short-term trend appears weak for the pair.
He said stablecoins have narrowed Bitcoin’s role as a medium of exchange or unit of account, while expected data-center returns may make assets without immediate payoffs less attractive.
