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