BTC/EUR breaks major support at 585, targets 540/505
BTC/EUR is seen trading low in red on Thursday. The pair has declined sharply after making a high of 612 levels (CEXIO) yesterday .It is currently trading at 576.35 at the time of writing. Ichimoku analysis of 4-hour cha…
BTC/EUR is seen trading low in red on Thursday. The pair has declined sharply after making a high of 612 levels (CEXIO) yesterday .It is currently trading at 576.35 at the time of writing.
Ichimoku analysis of 4-hour chart shows:
Tenkan-Sen level: 607.50
Kijun-Sen level: 607.49
Trend reversal level - (90 4H EMA)-601.58
Long-term trend and the short-term trend remains to be bullish. BTC/EUR breaks major support 585 (200 4H MA) and declined till 575 at the time of writing. So a decline till 562/541 is possible.
Major resistance is around 602 (90 4H EMA) and any break above will take the pair to next immediate resistance at 612 (Jul 6th high)/635 (24th Jun high)/656 (127.2% retracement of 635 and 562). Short term support is seen at 562 (Jun 26th low) and any violation below will drag the pair till 541 (61.8% retracement of 483 and 635)/505 (Jun 23rd low).
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