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