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Short

BTC/USD faces resistance around $273,good to sell on rallies

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
440 0 11
BTC/USD has made a high of $272.95 and started retreats from that level. It is currently trading at $267.The pair has almost formed a double top around $273 and any further movement can be seen only above that level.

The major resistance is around $273 and break above will take the pair to next target $280/$286.

The pair’s minor support is around $258 and any break below will drag the pair further down till $250/$245.

Bullish invalidation only below $245

Indicator ( Daily chart )

CCI (50) –Buy

Ichimoku- Buy

We prefer to sell on rallies around $266-68 with SL around $275 for the TP of $250/$246.



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