BTC/USD Short term outlook

BTCE:BTCUSD   Bitcoin / U.S. Dollar
128 0
BTC/USD has retreated after making high of $291. It is trading within the channel for the past three trading session.

The pair’s minor channel support is around $278 and any break below could pave way for next target $257 (200 day 4HMA).

It is facing short term resistance around $302 and any break above could pave the way for next target $342 ( 61.8% retracement of $162.68 and $454).

Indicators (4 Hour chart)

CCI (50) – Sell

CCI (14) - Sell

Ichimoku- Sell

Recommendation: Sell BTC/USD around $290, SL $302, Targets $278/$259.

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