FxWirePro- BTCUSD Daily Outlook
Ichimoku analysis (Daily chart)
BTCUSD plunged more than 15% after Elon Musk Tweet. He tweeted that Tesla had stopped accepting Bitcoin payments because of environmental concerns. The pair declined to $45700 and shown a minor recovery. The pair has formed lower highs and lower lows. This confirms further bearishness. A dip to $43000 is possible. The intraday bullishness can happen only if it breaks $54000. It hits an intraday low of $45700 and is currently trading around $49925.
The near-term resistance is around $53625. Any indicative break above targets $55000/$56650/$60000. Major trend continuation above $65000.
The pair's minor support is around $47000. Any convincing break below will drag the pair down to $43000/$40000/$38650 (200- day MA). Any close below $47000 will drag the pair down to $43000. Significant bearishness only if it breaks $43000.
Indicator (Daily chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around $50900-$51000 with SL around $55000 for TP of $43000.