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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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2017-01-20 15:26:23
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January 20 07:00 UTC Released

DEProducer Prices YY

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1.0 %

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1.0 %

Previous

0.1 %

January 20 07:00 UTC Released

DEProducer Prices MM

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0.4 %

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0.4 %

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0.3 %

January 23 07:00 UTC 37813781m

TRConsumer Confidence*

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63.40

January 23 13:00 UTC 41414141m

SACPI YY*

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2.3 %

January 23 13:00 UTC 41414141m

SACPI MM*

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-0.2 %

January 23 13:30 UTC 41714171m

CAWholesale Trade MM

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1.1 %

January 23 15:00 UTC 42614261m

EZConsumer Confid. Flash

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-5.1 %

January 23 19:00 UTC 45014501m

ARAnnual Industrial Output*

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Previous

-2.5 %

January 23 21:00 UTC 46214621m

KRConsumer Sentiment Ind*

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94 bln $

January 24 00:30 UTC 48314831m

JPNikkei Mfg PMI

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Previous

52.4 %

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