Ichimoku analysis (Daily chart)
Tenken-Sen- $52061
Kijun-Sen- $55949
BTCUSD has declined after a minor recovery to $56500 yesterday. The overall trend is bearish as long as resistance $65000 holds. The digital asset is struggling to breach past 50- day MA. This confirms minor bearishness and a dip to $43000 possible. The pair has formed a temporary top of around $64895 and lost more than 25%. It hits an intraday low of $53305 and is currently trading around $53800.
The near-term resistance is around $57000. Any indicative break above targets $60000/$65000. Major trend continuation above $65000.
The pair's minor support is around $53000.A break below will drag the pair down till $50290 (100- day MA)/$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.
