BTC/USD Short term outlook

BTCE:BTCUSD   Bitcoin / U.S. Dollar
76 0 0
BTC/USD has broken major support $258 (200 day 4HMA) and is trading well below that level. This confirms that BTC/USD has formed temporary top around $299 and decline till $210 cannot be ruled out.

The pair’s minor resistance is around $265 and any break above could pave way for next target $272/$280.

It is facing short term support around $230 and any break below will drag the pair further down till $220/$210.

Indicators (4 Hour chart)

CCI (50) – Sell

CCI (14) - Sell

Ichimoku- Sell

Recommendation: Sell BTC/USD around $252, SL $266, Targets $230/$212.

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