BTC/USD continues to trade in the red on Friday. It fell to 992 levels before restoring its strength to above 1000 levels at 1018 levels where it currently trades (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1102.18      

Kijun Sen: 1147.18

The pair faces immediate resistance at 1029.14 (90-EMA) and a consistent break above would see it testing 1064.93 (38.2% retracement of 1260 and 944.36)/1093.71 (10-DMA).

Momentum studies remain bearish: RSI(14) is weak at 40.98; and MACD line is below signal line; and bearish crossover of 10- and 50-DMA.

The pair has once again taken support near Cloud bottom at 985.67 and a break below would see further downside, targeting 944.36 (March 18 low)/913.73 (February 09 low).