FxWirePro: BTC/USD takes support near $600, good to sell on rallies
BTC/USD has slightly recovered after making a low of $605. It is currently trading at $637.86 levels (Bitstamp), at the time of writing. Ichimoku analysis (4 Hour chart): Tenkan-Sen level: $641.96 Kijun-Sen level: $643.9…
BTC/USD has slightly recovered after making a low of $605. It is currently trading at $637.86 levels (Bitstamp), at the time of writing.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: $641.96
Kijun-Sen level: $643.93
Trend reversal level - (90 4H EMA)-$661.53
"BTC/USD has taken support near $605 (55 day EMA) and slightly jumped from that level. It should break below $600 for further weakness”, FxWirePro said in a statement.
Long-term trend remains bullish for the pair and major resistance is seen around $655.50 (200 4H EMA) and any break above targets $685 (Jun 25 high)/$705 (Jul 2 high)/ $731 (161.8% retracement of $778 and $540). On the other hand, short-term support is likely to be found at $605 (55 day EMA) and any violation below will drag the pair till $540 (Jun 23 low)/$514 (113% retracement of $540 and $705).
Potential short-liquidation exposure was reported above $85,000 in the week leading up to Oct. 15. A separate cluster near $75,000 has no stated position direction.
Issuance will stay level for about 12 months, then taper to zero over 24 months. Five community-nominated council candidates require confirmation by veHNT holders.
