FxWirePro: BTC/USD struggles to break above $550, good to buy at dips

• BTC/USD has declined after making a high of $548.50. It is currently trading around $532.50.
   
• Short term trend is bullish as long as support $470 (resistance turned into support) holds.
   
• On the higher side the pair is facing resistance around $550 and any break above will take the BTC/USD(BITSTAMP) to next level till $575 (161.8% retracement of $540 and $485)/$630 (161.8% retracement of $502 and $294)
   
• The pair’s support is around $500 (23.6% retracement of $352 and $548.50) and break below targets $470/$450/$435.
   
• Short term trend reversal only below $435 (20 th May low).

It is good to buy at dips around $510-$515 with SL around $470 for the TP of $550/$575/$630