BTC/USD plummeted to 812.28 levels (December 07) following the People’s Bank of China’s notice to bitcoin exchanges to ensure regulatory compliance. It is currently trading at 886 levels (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 976.08

Kijun Sen: 955.31

Trend reversal: 791.47 (90 EMA)

Momentum studies have turned bearish – RSI(14) has slipped below 50, the bearish crossover of MACD, as well as 5DMA and 21-DMA.

On the upside, immediate resistance is seen at 937 (38.2% retracement of 1139.89 and 812.28) and a break above would target 965.90 (5-DMA)/1000.

On the reverse side, support is seen at 843.81 (55-EMA) and a break below is likely to drag the pair to 823 (trend line joining 628.57 and 683.23)/ 812.28 levels (December 07 low).