BTC/USD failed to close above 20-SMA and plunged to 13700 levels earlier in the day. It is currently trading at 14100 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 14554.96

Kijun Sen: 15089.58

On the topside, resistance is seen at 14613 (2h 50-SMA) and a break above would target 14792 (1h 20-SMA)/14922 (4h 50-SMA). Further strength would target 15418 (50% retracement of 19666 and 11159)/16064 (20-DMA)/ 16666 (December 08 high).

On the reverse side, short-term support is seen at 14055 (4h 200-SMA) and a decisive break below would drag the pair to 13220 (38.2% retracement of 2972.01 and 19666)/12744 (lower Bollinger)/11986 (50-DMA).

Momentum studies: Bias has turned bearish on the daily chart, with RSI weak at 47, MACD line below the signal line and stochs biased lower. Bias on the intraday charts is weak as well.

Recommendation: Good to go short on decisive break below 14055 (4h 200-SMA). SL: 15000. TP: 13500/13220.

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