BTC/USD broke below 90-EMA on Wednesday and fell to 988 levels. It has formed a doji candle today and is currently trading at 1034 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1102.18      

Kijun Sen: 1147.18

The pair is currently trading a little over 90-EMA and faces resistance at 1059.84 (7-DMA). A consistent break above would see it testing 1099.31 (38.2% retracement of 1350 and 944.36)/1113.13 (10-DMA).

Momentum studies suggest bearish bias for the pair: RSI(14) is weak at 42; and MACD line is below signal line.

Cloud bottom is acting as a major support for the pair and a close below 1029.45 (90-EMA) would target 985.67 (Cloud bottom). Further weakness could see a dip till 944.36 (March 18 low)/ 913.73 (February 09 low).