Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 359.74
Kijun-Sen level: 372.80
Ichimoku cloud top: 397.86
Ichimoku cloud bottom: 397.49
BTC/USD made a low of 339.62 and has recovered till 354 from that level. Overall trend is weak as long as resistance 360 (200 day 4HMA) holds. The pair break above 360 would extend gain to 365/372 in short term.
The major support is around 337 and any break below will take the pair to 332/329 (78.6% retracement of 295.30 and 454.98).
Recommendation: Sell BTC/USD around 354-55, SL 360.10, Target 337.10
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 359.74
Kijun-Sen level: 372.80
Ichimoku cloud top: 397.86
Ichimoku cloud bottom: 397.49
BTC/USD made a low of 339.62 and has recovered till 354 from that level. Overall trend is weak as long as resistance 360 (200 day 4HMA) holds. The pair break above 360 would extend gain to 365/372 in short term.
The major support is around 337 and any break below will take the pair to 332/329 (78.6% retracement of 295.30 and 454.98).
Recommendation: Sell BTC/USD around 354-55, SL 360.10, Target 337.10