FxWirePro- BTCUSD Daily Outlook

Ichimoku analysis (Daily chart)

Tenken-Sen- $56244

Kijun-Sen- $55949

BTCUSD is consolidating in a narrow range between $59564 and $56256 for the past three days. The pair downside is capped by 50-day EMA and significant weakness only below that level.  The overall trend of Bitcoin is still bullish as long as support $47000 holds. Previously BTCUSD has recovered after a minor decline below 100-day MA.  The Bitcoin is holding above 50 and 100- day MA. It hits an intraday low of $57176 and is currently trading around $57518.

The near-term resistance is around $60000. Any indicative break above targets $61700/$65000. Major trend continuation above $65000.

The pair's minor support is around $55600 (50- day EMA). A break below will drag the pair down to $52916 (100- day MA)/$47000.  Any close below $47000 will drag the pair down to $43000. Significant bearishness only if it breaks $43000.

Indicator (Daily chart)

CAM indicator –Slightly bullish

Directional movement index – Neutral

It is good to buy on dips around $53000 with SL around $50000 for TP of $64980.