Ichimoku analysis (4-hour chart)
Tenken-Sen- $57318
Kijun-Sen- $57700
BTCUSD is trading weak after a minor jump above $60000. The overall trend is bearish as long as resistance $62000 holds. The pair is holding slightly below 4-hour Tenken-Sen, Kijun-Sen, and cloud. The pair has taken support near the Bull flag trend line, any violation below $55500 confirms minor weakness. It hits an intraday low of $55600 and is currently trading around $56417.
The near-term resistance is around $57000. Any indicative break above targets $58000/$58400/$59470/$6000.Major trend continuation only above $62000.
The pair's minor support is around $55500.A break below will drag the pair down till $54980/$54000/$53000 is possible.
Indicator (4 Hour chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around $59980-$60000 with SL around $62000 for TP of $53000.
