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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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February 28 12:00 UTC Released

TRForeign Arrivals YY*

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-9.81 %

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-11.1 %

February 28 11:30 UTC Released

INInfrastructure Output YY*

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3.4 %

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5.60 %

February 28 13:30 UTC 7575m

CAProducer Prices MM

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0.4 %

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CAProducer Prices YY

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2.2 %

February 28 13:30 UTC 7575m

CARaw Materials Prices MM

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6.5 %

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CARaw Materials Prices YY

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17.2 %

February 28 13:30 UTC 7575m

USGDP 2nd Estimate

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2.1 %

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1.9 %

February 28 13:30 UTC 7575m

USGDP Cons Spending Prelim

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2.5 %

February 28 13:30 UTC 7575m

USGDP Deflator Prelim

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2.1 %

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2.1 %

February 28 13:30 UTC 7575m

USPCE Prices Prelim

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2.2 %

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2.2 %

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