BTC/USD traded deep in the red on Tuesday and broke below 21-DMA hitting $881, as three of the leading Chinese bitcoin exchanges – BTCC, Huobi, OKCoin – implemented fee-based trading, starting January 24. The pair has slightly restored its strength and is currently trading at 893 levels at press time. (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 877.91

Kijun Sen: 945.61

Trend reversal: 815.77 (90 EMA)

On the upside, the pair faces immediate resistance at 904.17 (7-DMA) and a break above would see it testing 927 levels (trend line joining 628.99 and 745.19)/945 (50% retracement of 1139.89 and 751.34). A consistent break above 937 (January 22 high) would confirm further bullishness in the pair.

On the downside, the pair has taken support near 877.91 (Tenkan Sen) and a break below would see it falling to 857.31 (55-EMA)/ 815.77 (90-EMA).