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FxWirePro: BTC/USD struggles to break above $470, good to sell on rallies

Thursday, May 12, 2016 8:34 AM UTC

Major resistance -$470 (Apr 26th 2016)
BTC/USD has once declined till $447 after making a high of $457.99 yesterday. It is currently trading around $450.
Minor trend is slightly bearish as long as resistance $470 holds
The pair’s major support - $435 (55 day EMA) and any slight weakness can be seen only below $435.
Any break below $435 will drag the pair down till $420 (55 day EMA)/$385 (200 day EMA).The minor support is around $458 (7 day EMA.
On the higher side resistance is at $470 and any indicative break above targets $504/$550.

It is good to sell on rallies around $455 with SL around $470 for the TP of $435/$420.

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FxWirePro: BTC/USD struggles to break above $470, good to sell on rallies

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