BTC/SGD is seen trading slightly above on Wednesday. The pair has recovered slightly after making a low of 1048 on Monday (ITBIT). It is currently trading around 1081.97 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 1080

Kijun-Sen level: 1080

Trend reversal level - (100 day MA) – 916

Long-term trend remains to be bullish. BTC/SGD downside is capped by 61.8% retracement of  936 and 1200 level at 1038 any close below that level confirms minor weakness.

Major resistance is around 1102 (38.2% retracement of 1189 and 1048) any break above that level will take the pair to next level till 1160 (127.2% retracement of 1051.92 and 650)/1204 (138.2% retracement of 1051.92 and 650). Short term support – 1061 (21- day MA) and any break below targets 1037 (61.8% retracement of 936 and 1200)/999 (55- day EMA).