BTC/USD has broken below the trend line support at 13200 levels and is trading at 1302 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 14505
Kijun Sen: 14197.46
On the topside, resistance is seen at 13566 (4h 10-SMA) and a break above would target 13778 (7-DMA)/14198 (10-DMA). Further strength would target 14488 (20-DMA)/15000/15412 (50% retracement of 19666 and 11159.93)/15718 (Cloud top)/16018 (trend line joining 19666 and 17234).
On the downside, the pair is likely to find support at 12610 (Cloud bottom) and any violation would drag it to 12141 (Lower Bollinger)/12050 (December 30 low). Further weakness would see it testing 11804 (90-EMA)/11319 (50% retracement of 2972.01 and 19666)/11159 (December 22 low).
Momentum studies: Bias remains bearish on the daily chart with RSI weak at 42, MACD line below the signal line, and stochs on the verge of a rollover to oversold zone.
Call Update: We recommended going short on break below trend line support in our previous call. The call is progressing well.
Recommendation: Hold for targets.
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