FxWirePro: BTC/USD upside capped by 9-day MA, good to sell on rallies

BTC/USD is trading in a narrow range between $579.80 and $566 for the past three trading session.It is currently trading at $570.97 (Bitstamp).

Long-term trend: bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: $578.95

Kijun-Sen level: $565.14

Trend reversal level - (90 EMA) - $593.27

"The pair is facing minor resistance at $576.49 (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 10th 2016 high)/$609 (55-day EMA)/$617 (61.8% retracement of $705 and $465).

Short-term support is likely to be found at $565 (daily Kijun-Sen) and further weakness will target $540 (38.2% retracement of $465 and $583) $510.10 (200-day MA).