BTC/USD failed to break above 981 levels and turned red on Thursday. It plunged further down on Friday and fell to 940 levels. It is currently trading at 948 levels at press time (Bitstamp).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 888.78

Kijun Sen: 861.87

Trend reversal: 744.90 (90 EMA)

On the upside, strong resistance is seen at 981 levels (200% retracement of 920 and 859)  and a break above would target 1005 (161.8% retracement of 980.74 and 940)/1055.98 (161.8% extension of 859 and 980.74).

On the reverse side, the pair is likely to take support at 939.35 (5-EMA) and a break below would see it testing 905 (61.8% retracement of 859 and 980)/ 896.20 (10-day MA).