BTC/USD continues to trade in the red on Friday at it failed to break above 1,140 levels. It has broken below 1,000 levels and is currently trading at 931 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1012.65

Kijun Sen: 951.95

Trend reversal: 783.75 (90 EMA)

On the upside, the pair faces immediate resistance at 996 (10-day MA) and a break above would see it testing 1,042 (61.8% retracement of 1139.89 and 885.41)/1085 levels. Further bullishness in the pair could be confirmed only if it breaks above 1,140 levels (January 04 high).

Momentum studies have turned bearish with RSI(14) rolling over from overbought levels. Also, MACD is on the verge of a bearish crossover.

On the reverse side, the pair plunged to 885.41 (trend line joining 628.99 and 745.19). Today, it has taken support near 21-day MA (914 levels) and a consistent break below would target yesterday’s low of 885 levels/849.70 (61.8% retracement of 670.32 and 1139.89).