Bitcoin: BTC/USD holds our previous support level at 550 which coincides with bottom band of daily Ichimoku Cloud
Bitcoin technical analysis (BTC/USD) for June 26, 2014. Our BTCUSD commentary from two weeks ago (June 13) held our projected support of 550. We are now of a strong conviction that 550 is bottom of present range and expect consolidation to continue for a brief period before resuming uptrend again.
We will continue to eye the range of 550-680 as trading triggers to the top and bottom. A break and close above 680 on the daily charts opens the way for the possibility of a massive upside rally and retest of all-time highs.
Below 550 opens the way to retest 2014 lows below 350. From a technical perspective, this is about as speculative as it gets. However, we maintain a very strong upside bias and prefer to be long at these levels with a stop-loss around 515 (just below recent lows).
June 26, 2014 at 07:10AM
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