BTC/USD broke below 90-EMA on Tuesday and today it hit a low of 751 levels so far in the day. It is currently trading at 764 levels (Bitstamp). The recent plunge in Bitcoin price followed reports that the People’s Bank of China launched spot checks on leading bitcoin exchanges in Beijing and Shanghai, in a move to stem capital outflows and alleviate pressure on the yuan.

Ichimoku analysis of daily chart:

Tenkan Sen: 947.44

Kijun Sen: 947.44

Trend reversal: 795.83 (90 EMA)

On the upside, the pair faces major resistance at 795.83 (90 EMA) and a break above would target 845 (55 EMA)/899 (7-DMA).

Momentum studies remain bearish – RSI(14) is at 35; MACD line is below the signal line. The pair is currently hovering around 100-DMA (757 levels) and a consistent break below would drag it to 732.23 (161.8% retracement of 812.28 and 941.81)/ 700.