BTC/SGD is seen trading low in red on Monday. The pair has formed a temporary top around 1200 and started to decline from that level (ITBIT). It is currently trading around 1048.81 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 1080

Kijun-Sen level: 1078

Trend reversal level - (100 days MA) – 906.27

Long-term trend remains to be bullish. BTC/SGD faces strong resistance at 1200 and any break above confirms further bullishness.

Major resistance is around 1108 (61.8% retracement of 1200 and 960) any break above that level will take the pair to next level till 1160 (127.2% retracement of 1051.92 and 650)/1204 (138.2% retracement of 1051.92 and 650). Short -term support is seen at 1055 (21- day MA) and any break below targets  1037 (61.8% retracement of 936 and 1200)/993 (55-day EMA).