Ichimoku analysis (4-Hour chart)
Tenken-Sen- $33916
Kijun-Sen- $34475
BTCUSD is trading lower for the past five days and has lost more than 800 points. The pair is struggling to close above $40000 for the past 4 weeks. The minor bullish trend continuation only if it breaks above $43000.It hits an intraday low of $31025 and is currently trading around $31725.
The near-term resistance is around $33500. Any indicative break above targets $36150/$37061/$41000/$43000. Short-term trend continuation above $47000.
The pair's minor support is around $30000. Any convincing break below will drag the pair down to $28392/$26948 (61.8% fib). Any close below $26900 will drag the pair down to $20000.
Indicator (4-Hour chart)
RSI – Oversold
Directional movement index – Bearish
It is good to sell on rallies around $35800-600 with SL around $40000 for TP of $26900.
