BTC/SGD is seen trading slightly above on Wednesday. The pair has jumped slightly after declining till 1042.50 yesterday (ITBIT). It is currently trading around 10 58.68 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 1055

Kijun-Sen level: 1013

Trend reversal level - (100 day MA) – 889

Long-term trend remains to be bullish. BTC/SGD downside is capped by 23.6% fibo level of 936.20 and 1078.99. Any break below will take the pair to next level till 1020/1007.

Major resistance is around 1080 (Nov 17th 2016 high) and any break above that level will take the pair to next level till 1090 (161.8% retracement of 1031.92 and 936.20)/1160 (127.2% retracement of 1051.92 and 650)/1204 (138.2% retracement of 1051.92 and 650). Short-term support is seen at 1044 (23.6% retracement of 936.20 and 1078.99) and any break below targets 1036 (21- day MA)/1013 (daily Kijun-Sen)/973 (Nov 13th 2016 low).