FxWirePro:BTC/USD faces strong resistance at $550 , good to buy at dips

• BTC/USD has declined after making a high of $540. It is currently trading around $530.
   
• Short term trend is bullish as long as support $470 (resistance turned into support) holds.
   
• On the higher side the pair is facing resistance around $550 and any break above will take the BTC/USD(BITSTAMP) to next level till $575 (161.8% retracement of $540 and $485)/$630 (161.8% retracement of $502 and $294)
   
• The pair’s support is around $500 and break below targets $470/$450/$435.
   
• Short term trend reversal only below $435.

It is good to buy at dips around $510-$515 with SL around $470 for the TP of $550/$575/$630