BTC/USD failed to break above 21-DMA on Wednesday and is currently trading below the 900 mark, at 894 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 834.87

Kijun Sen: 945.61

Trend reversal: 802.76 (90 EMA)

On the upside, the pair is facing strong resistance at 916.63 (converged channel top and 21-DMA) and a break above would confirm further bullishness in the pair. A decisive break above would target 945 (50% retracement of 1139.89 and 751.34)/991.

On the downside, the pair seems to have found support near 877.13 (23.6% retracement of 751.34 and 915.99) and a break below would see falling to 845.23 (55-EMA)/802 (90-EMA).