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FxWirePro:BTC/USD faces resistance around 20 DMA, good to buy at dips

  • Major resistance -$423 (20 day DMA)

  • BTC/USD has retreated after making a high of 422 . It is currently trading around $397.

  • Short term trend is bullish as long as support $370 holds.

  • On the lower side any break below $370 will drag the pair down till $350/$315 (200 day MA).

  • The pair's resistance is around $425 and break above will take the pair to next level $450/$466.

  • Overall bullish invalidation below $315.

  • Momentum indicator Stoch RSI is above 20 level and is showing buy signal.

It is good to buy at dips around $400 with SL around $370 for the TP of $450/$465

 

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