BTC/USD moved further south on Tuesday as it broke below trend line support joining 1830 and 2615. It is currently trading at 4090 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 4490.91
Kijun Sen: 4185.28
On the upside, resistance is seen at 4100 and a break above would target 4176 (2h 10-SMA)/4198 (1h 20-SMA). Further strength would target 4338 (20-DMA)/4373 (4h 90-EMA)/4460 (4h 55-EMA)/4506 (10-DMA).
On the downside, the pair has found support near 3992 (4h 200-SMA) and any violation would drag it to 3900 (August 19 low)/3834 (lower Bollinger)/3776 (38.2% retracement of 1830 and 4979.90)/3681 (55-EMA)/3600 (August 22 low).
Bias remains bearish on the daily chart with RSI, stochs, and MACD biased lower.
Recommendation: Good to go short on rallies around 4070/4090. SL: 4275. TP: 3900/3834.
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