Ichimoku analysis (4-hour chart)
Tenken-Sen- $51907
Kijun-Sen- $50397
BTCUSD is trading higher and holding above trend line resistance. The pair breaks significant resistance around $52650 after a long consolidation. The break above 62650 confirms that the decline from $58350 got completed at $43021. Short term trend is on the higher side as long as support $49300 holds. On Mar 5th and Mar 6th, 2021 the pair took support near 200- 4H MA. This confirms shows that BTCUSD must close below $47800 for a further trend reversal. The support to be watched is $52500. Any violation below targets $51800/$50430/$49300.
The pair's near-term resistance is around $54500.Any further bullishness can be seen if it breaks above that level. A jump till $58350 (Feb 21st 2021 high)/$62300 (127.2% fib) is possible.
It is good to buy on dips around $52650 with SL around $51800 for TP of $53.
