BTC/USD is trading in the red on Wednesday, as the SEC rejected SolidX bitcoin ETF proposal. It is currently trading at 1010 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1004.61

Kijun Sen: 1120.66

The pair’s upside is capped by 1050 (trend line joining 1350 and 1068.26) and a break above would see it testing 1068.26 (March 28 high)/1091.71 (20-DMA).

In the daily chart, support is seen at 1000 (psychological level) and any violation would drag the pair to 985.79 (5-DMA)/958.92 (61.8% retracement of 891.33and 1068.26).