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Long

BTC/USD breaks major resistance $550, targets $575/$630

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
398 0 4
BTC/USD has broken major resistance $550 and this confirms continuation of bullish trend . It is currently trading around $550.50

Short term trend is bullish as long as support $525 (7 day EMA ) holds.

On the higher side 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 $525 (7 day EMA ) and any violation below targets $500 (23.6% retracement of $352 and $548.50)/$470 (resistance turned into support).

Short term trend reversal only below $435 (20 th             May low).

It is good to buy around $550 with SL around $525 for the TP of $575/$630
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