BTC/USD Short term outlook

BTCE:BTCUSD   Bitcoin / U.S. Dollar
175 4
BTC/USD has broken major resistance $285 and jump till $304 cannot be ruled out of $259. Overall trend is bullish as long as support $268 (55 day EMA ) holds.

It is facing short term resistance around $308 and any break above could pave the way for next target $342 ( 61.8% retracement of $162.68 and $454).

Any short term trend reversal can happen only below $268.Any break below will take the pair further down till $259/$250.Minor support is around $276.

Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy

Recommendation: Buy BTC/USD around $285, SL $275, Targets $304/$340.
It can get as high as 357 before slowing down significantly I think.
+1 Reply
FxWirePro jangseohee
In 4 hour chart it has shown a break out (trend line joining $265 and $285).
+1 Reply
jangseohee FxWirePro
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