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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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October 18 14:30 UTC Released

BRForeign Exchange Flows*

Actual

1.261 Bln USD

Forecast

Previous

0.980 Bln USD

October 18 13:00 UTC Released

RUReal Wages YY

Actual

2.6 %

Forecast

3.9 %

Previous

3.7 %

October 18 23:50 UTC 22m

JPForeign Bond Investment

Actual

Forecast

Previous

89.2 Bln JPY

October 18 23:50 UTC 22m

JPForeign Invest JP Stock

Actual

Forecast

Previous

1235.3 Bln JPY

October 18 23:50 UTC 22m

JPExports YY*

Actual

Forecast

14.9 %

Previous

18.1 %

October 18 23:50 UTC 22m

JPImports YY*

Actual

Forecast

15.0 %

Previous

15.2 %

October 18 23:50 UTC 22m

JPTrade Balance Total Yen*

Actual

Forecast

559.8 Bln JPY

Previous

113.6 Bln JPY

October 19 00:00 UTC 1212m

KRBank of Korea Base Rate*

Actual

Forecast

Previous

1.25 %

October 19 00:00 UTC 1212m

ID7-Day Reverse Repo*

Actual

Forecast

4.25 %

Previous

4.25 %

October 19 00:00 UTC 1212m

IDDeposit Facility Rate*

Actual

Forecast

3.50 %

Previous

3.5 %

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