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FxWirePro: BTC/USD upside capped by 5-DMA, bias bearish, stay short

BTC/USD plummeted to 812.28 levels (December 07) following the People’s Bank of China’s notice to bitcoin exchanges to ensure regulatory compliance. It is currently trading at 886 levels (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 976.08

Kijun Sen: 955.31

Trend reversal: 791.47 (90 EMA)

Momentum studies have turned bearish – RSI(14) has slipped below 50, the bearish crossover of MACD, as well as 5DMA and 21-DMA.

On the upside, immediate resistance is seen at 937 (38.2% retracement of 1139.89 and 812.28) and a break above would target 965.90 (5-DMA)/1000.

On the reverse side, support is seen at 843.81 (55-EMA) and a break below is likely to drag the pair to 823 (trend line joining 628.57 and 683.23)/ 812.28 levels (December 07 low).

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December 10 23:50 UTC Released

JPBusiness Survey Index*

Actual

9.7 %

Forecast

Previous

9.4 %

December 9 01:30 UTC Released

CNPPI YY*

Actual

5.8 %

Forecast

5.9 %

Previous

6.9 %

December 11 07:00 UTC 409409m

TRCurrent Account Balance*

Actual

Forecast

Previous

-4.527 Bln USD

December 11 09:00 UTC 529529m

ITRetail Sales SA MM

Actual

Forecast

Previous

0.9 %

December 11 09:00 UTC 529529m

ITRetail Sales NSA YY

Actual

Forecast

Previous

3.4 %

December 11 11:30 UTC 679679m

TREndYear CPI Fcst/Cb Svy*

Actual

Forecast

Previous

10.68 %

December 11 15:00 UTC 889889m

USEmployment Trends*

Actual

Forecast

Previous

135.6 tln

December 11 15:00 UTC 889889m

USJOLTS Job Openings*

Actual

Forecast

Previous

6.093 Mln

December 11 21:00 UTC 12491249m

KRExport Price Growth YY*

Actual

Forecast

Previous

8 %

December 11 21:00 UTC 12491249m

KRImport Price Growth YY*

Actual

Forecast

Previous

6.8 %

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