BTC/SGD is seen trading well above on Wednesday. The pair has once again declined sharply after jumping till 1174 (ITBIT). It is currently trading around 1163.97 at the time of writing.

Long-term trend remains to be bullish.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 1119.40

Kijun-Sen level: 1080

Trend reversal level - (100 day MA) – 916

BTC/SGD faces strong resistance around 1200 and any further bullishness can be seen only above that level.

Minor resistance is around 1093 (10- day MA) any break above that level will take the pair to next level till 1119 (daily Tenken-Sen)/1160 (127.2% retracement of 1051.92 and 650)/1204. Short-term support is seen at 1048 (Dec 5th, 2016 low) and any break below targets 1037 (61.8% retracement of 936 and 1200)/1021.68 (55- day EMA).