Ichimoku analysis (4-hour chart)
Tenken-Sen- $56488
Kijun-Sen- $54330
BTCUSD has shown a minor recovery of more than 15% from a low of $50360. The pair is holding well above 100 and 200 4H MA. The intraday trend is bullish as long as resistance $56400 holds. The pair has taken support near 61.8% fib and any significant weakness only if it closes below the $50350 level. Any violation above $60000 confirms minor bullishness, a jump to $61700 is possible.
The pair's near-term resistance is around $54000.Any violation above confirms intraday bullishness. A jump till $54700/$55500 is possible.
Indicator (4 Hour chart)
CAM indicator – Bullish
Directional movement index – Bullish
It is good to buy on dips around $56400 with SL around $54000 for TP of $61700.
