Ichimoku analysis (1-Hour chart)
Tenken-Sen- $37350
Kijun-Sen- $36508
BTCUSD continues to trade higher for the second consecutive days and surged more than 20%. The positive news from El Salvador is supporting the price at lower levels. The country has said that it wouldn't impose the capital gains tax on Bitcoin earnings. The pair has formed a double bottom around $31000, any weakness only if closes below that level. It hits an intraday high of $38450 and is currently trading around $36362.
The near-term resistance is around $39350. Any indicative break above targets $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 (1-Hour chart)
RSI – Bullish
Directional movement index – Bullish
It is good to buy on dips around $34000 with SL around $30000 for TP of $47000.
