BTC/SGD has declined from the temporary top around 893 till 870 yesterday (ITBIT). It is currently trading around 877 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 871

Kijun-Sen level: 837.83

Trend reversal level - (100 days MA) – 840.81

Long-term trend remains to be bullish. The pair’s downside is capped by daily Tenkan-Sen and any minor weakness can be seen only below that level.

Major resistance is around 897 (61.8% retracement of 1051.24 and 650) and any violation above will take the pair till 925 (Jul 26th high)/944 (Jul 2nd, 2016 high).  Short-term support is seen at 870 (daily Tenkan-Sen) and any break below targets 857 (21- day MA)/ 840.