Ichimoku analysis (Daily chart)
Tenken-Sen- $50851
Kijun-Sen- $50851
BTCUSD declined after a minor pullback to $45875. The intraday trend is still on the lower side as long as resistance $47000 holds. The pair hits a low of $42100 and is currently trading around $43422. Technically, the pair is trading well below 50 and 100-day MA for the past four days. It was one of the worst performers in this month more than 25% from the previous month close to $57775.
The near-term resistance is around $47000. Any indicative break above targets $50000/$51700 $55000/$56650/$60000. Major trend continuation above $65000.
The pair's minor support is around $42160(200- day EMA). Any convincing break below will drag the pair down to $39540 (200- day MA). Any close below $39000 will drag the pair down to $32500.
Indicator (Daily chart)
CAM indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around $47000 with SL around $50000 for TP of $39300.
