Ichimoku analysis (Daily chart)
Tenken-Sen- $39933
Kijun-Sen- $44834
BTCUSD is consolidating in a narrow range after a slight recovery to $39960. The overall trend is still bearish as long resistance $47000 holds. The pair was one of the worst performers in the past two weeks and lost more than 45% after the Chinese planning to ban crypto mining. The pair is still trading below 200- day MA. A minor bullishness can happen only if it closes above $40396. The intraday trend is still on the lower side as long as resistance $43000 holds. It is currently trading around $37943.
The near-term resistance is around $40400 (200- day MA). Any indicative break above targets $43000/$44780/$47000. Short-term trend continuation above $47000.
The pair's minor support is around $35000. Any convincing break below will drag the pair down to $30000/$28392/$26948 (61.8% fib). Any close below $26900 will drag the pair down to $20000.
Indicator (Daily chart)
CAM indicator – Bullish
Directional movement index – Bearish
It is good to sell on rallies around $39800-$40000 with SL around $43000 for TP of $28500.
