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BTC/USD once again broke above the 1600 mark on Monday and is currently trading at 1605 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 1469.34
Kijun Sen: 1382
On the upside, a close above 1600 levels would see the pair testing 1623 (May 04 high)/ 1633 (161.8% retracement of 1350 and 891.33). Further strength would see a jump till 1685.67 (113% extension of 1141 and 1623)/1700 (psychological)/1718 (113% extension of 891.33 and 1623).
Caution is advised as lead indicators are in extremely overbought zone.
On the downside, support is seen at 1554.17 (5-DMA) and a break below would see a dip till 1479 (10-DMA)/1450 (23.6% retracement of 891.33 and 1623).
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FxWirePro: BTC/USD hovers around 1600, close above to see further bullishness
Monday, May 8, 2017 9:23 AM UTC
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