BTC/USD continued trading in the red on Friday as it continues to be weighed down by the news coming from Chinese bitcoin exchanges. The pair is currently hovering around 21-DMA and trading at 963 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 994.21

Kijun Sen: 941.34

On the upside, the pair is facing resistance at 991.46 (61.8% retracement of 1139.89 and 751.34) and a break above would target 1007 (trend line joining 751.34 and 910)/1024 (7-DMA).

Momentum studies remain bearish: RSI(14) is weak at 50, bias lower; and stochs are pointing south and MACD on the verge of a bearish crossover.

On the downside, the pair has taken support near 951.17 (38.2% retracement of 751.34 and 1074.69) and any violation would drag it to 930 (Cloud top)/874.86.