Ichimoku analysis (4-hour chart)
Tenken-Sen- $36882
Kijun-Sen- $36183
BTCUSD continues to trade lower and lost more than 20% in the past two days on china's mining crackdown. The Chinese authorities have asked to close cryptocurrency mining projects in the southwest province of Sichuan. The short-term trend is still bearish as long as resistance $43000 holds. It hits an intraday low of $32094 and is currently trading around $32921.
The near-term resistance is around $34250. Any indicative break above targets $36600/$37800/$41350. Minor bullish continuation above $41500.
The pair's minor support is around $3000. Any convincing break below will drag the pair down to $26800/$24651 (161.8% fib).
Indicator (4-hour chart)
CAM Indicator – Bearish
Directional movement index – Bearish
It is good to sell on rallies around $33800-4000 with SL around $36500 for TP of $26800.
