The pair has recovered sharply after making a low of USDT11.54 and jumped till USDT12.40 (Poloniex). It is currently trading around USDT12.10 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: USDT11.67

Kijun-Sen level: USDT12.02

Trend reversal level - (100 day EMA) – USDT10.26

Long-term trend remains to be neutral. The pair is facing strong resistance at USDT12.30 (30 Sep 2016 high) and any break above targets USDT13.20. In the daily chart, the pair is trading slightly well above daily Tenken –Sen and Kijun-Sen.

Major resistance is seen at USDT12.30 (Sep 30th high) and any break above targets USDT13.20 (Sep 13th high)/USDT14.55 (Aug 22nd high). Short term support is around USDT11.54 (55- day EMA) and any break below targets USDT11.15 (21st- Sep high) and break below targets USDT10.77 (Sep 4th 2016 low) /USDT10.26 (100- day MA).