FxWirePro: BTC/USD struggles to close above 9-day EMA, good to buy on dips
BTC/USD has declined slightly after making a high of $577.86.It is currently trading at $572.99 (Bitstamp). Long-term trend: bullish Ichimoku analysis (Daily chart): Tenkan-Sen level: $579 Kijun-Sen level: $565.14 Trend …
By Shampa Mani
Updated 1 min read
BTC/USD has declined slightly after making a high of $577.86.It is currently trading at $572.99 (Bitstamp).
Long-term trend: bullish
Ichimoku analysis (Daily chart):
Tenkan-Sen level: $579
Kijun-Sen level: $565.14
Trend reversal level - (90 EMA)-$594
“The pair is facing minor resistance at $578 (9 day EMA) and break above that level confirms minor bullishness”, FxWirePro said in a statement.
Major resistance is around $578 (9 day EMA) and any break above targets $603 (Aug 10 2016 high)/$609 (55 day EMA)/$617 (61.8% retracement of $705 and $465). Short term support is seen at $574 (daily Kijun-Sen) and any violation below targets $540 (38.2% retracement of $465 and $583)/ $500 (200 day MA).
