FxWirePro: BTC/USD recovers from 2-month low of $465, good to sell on rallies

BTC/USD broke major support at $540 and declined till $465 yesterday. It is currently trading at $540 (Bitstamp) at the time of writing.

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $563

Kijun-Sen level: $574

Trend reversal level - (90 EMA)-$599

“The pair has recovered from sharply from the low of $465 and closed above 200 day MA. Major trend reversal will happen if the pair closes below 200 day MA in daily chart”, FxWirePro explained.

Long-term trend remains bullish for the pair and major resistance is seen around $575 (daily Kijun-Sen) and any break above targets $585 (50% retracement of $704.93 and $465)/$600. On the other hand, short-term support is to be found at $494 (200 day MA) and any violation below will drag the pair till $465 (Aug 2 low)/$438 (161.8% retracement of $540 and $705).