BTC/USD plunged to 12560 levels so far in the day as it broke below 20-DMA. It is currently trading at 12950 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 16113

Kijun Sen: 14333

On the topside, the pair faces resistance at 14686 (2h 10-SMA) and a break above would target 14908 (1h 20-SMA)/15648 (20-DMA). Further strength would target 16302 (4h 100-SMA)/16993 (10-DMA)/17113 (7-DMA).

On the reverse side, the pair is struggling to hold above 12892 (4h 200-SMA) and a break below would see it testing 12610 (50% retracement of 5555 and 19666)/11749 (55-EMA)/11076 (50-DMA).

Momentum studies: Bias has turned bearish on the daily chart with RSI weak at 43, MACD line below the signal line, stochs biased sharply lower, and 5- and 10-DMA are now showing a turn.

A decisive break below 4h 200-SMA is likely to see a dip till 11000 levels.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest