BTC/USD found support at 20-DMA on Wednesday which halted its downtrend. It is currently trading at 16800 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 17504.52

Kijun Sen: 14102.10

On the topside, the pair faces resistance at 17484 (10-DMA) and a break above would see it testing 17654 (1h 200-SMA)/17784 (5-DMA). Further strength would target 18090 (1h 100-SMA)/18740 (78.6% retracement of 19666 and 15343)/19000/19666 (December 17 high).

On the reverse side, support is seen at 16335 (23.6% retracement of 5555.55 and 19666) and any violation would target 16071 (2h 200-SMA)/15605 (20-DMA)/15343 (December 20 low). Further weakness would drag it to 14275/14000/13434 (23.6% retracement of 2972.01 and 16666.66).

Momentum studies: The pair is showing a slight bounce off the 20-DMA support. On the daily chart, RSI is strong at 62, however, MACD line has cut the signal line from above.

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