Ichimoku analysis (4-Hour chart)
Tenken-Sen- $38695
Kijun-Sen- $36005
BTCUSD has declined after a minor pullback above $40000 levels. The intraday trend is bearish as long as resistance $43000. The pair is consolidating in a narrow range after a major sell-off of more than 45% this month. The ban on Bitcoin by China is putting pressure on this pair at higher levels. It hits an intraday high of $40855 and is currently trading around $37943.
The near-term resistance is around $41000. Any indicative break above targets $43000/$44780/$47000. Short-term trend continuation above $47000.
The pair's minor support is around $37900. Any convincing break below will drag the pair down to $35000/$30000/$28392/$26948 (61.8% fib). Any close below $26900 will drag the pair down to $20000.
Indicator (4-Hour chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around $39800-$40000 with SL around $43000 for TP of $28500.
