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