Ichimoku analysis (Daily chart)
Tenken-Sen- $52318
Kijun-Sen- $55949
BTCUSD has recovered more than $8000 after forming a bottom of around $47000.The digital asset has halted its ten days of a bearish trend. The jump above $56000 confirms trend continuation. Short term trend is still weak as long as resistance $57000 (50-day MA) holds. The pair has formed a temporary top of around $64895 and lost more than 25%. It hits an intraday low of $53811 and is currently trading around $54413.
The near-term resistance is around $56000. Any indicative break above targets $57000/$60000. Major trend continuation above $65000.
The pair's minor support is around $5300.A break below will drag the pair down till $50000/$47000/$43000 is possible. Significant bearishness only if it breaks $43000.
Indicator (Daily chart)
CAM indicator –Slightly bullish
Directional movement index – Bearish
It is good to sell on rallies around $56000 with SL around $58000 for TP of $43000.
