BTC/USD is trading further down on Wednesday as it broke below 20-DMA. It is currently trading at 14204 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 15072.78

Kijun Sen: 15412.96

On the topside, immediate resistance is seen at 14767 (20-DMA) and a break above would target 15223 (10-DMA)/15566 (7-DMA). Further strength would see it testing 16000/16416 (61.8% retracement of 19666 and 11159.93)/16666 (December 08 high)/17000.

On the flipside, strong support is seen at 13976 (50-DMA) and a break below would confirm further downside, targeting 13286 (trend line joining 11159.93 and 12050)/13000. Further weakness would see it testing 12643 (1w 10-SMA)/12050 (December 30 low)/11650 (Cloud bottom).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 46, MACD on the verge of a bearish crossover and stochs biased sharply lower.

50-DMA is a major support for the pair and any violation would see further downside.

Call Update: We recommended staying short in our previous call. The pair has hit TP1.

Recommendation: Book partial profits, stay short. Good to go short on rallies around 14400/14600.

Trail SL to 15400. TP: 13286/13000/12643.

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