BTC/EUR is seen trading low in red on Wednesday. The pair is trading in a narrow range between $548 and $540 for the past two trading session (COINBASE). It is currently trading around 545.55 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 547.09
Kijun-Sen level: 533.28
Trend reversal level - (90 days EMA)-539.56
Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing minor resistance at 10- DMA and a slight jump till 565 (100- day MA) is possible.
Major resistance is around 549.38 (10- day MA) and any violation above will take the pair till 565 (100- day MA)/575/608 (61.8% retracement of 715.65 and 434.78). Short-term support is seen at 530 (21- DMA) and any break below targets 513 (38.2% retracement of 434.58 and 562.30)/502 (Aug 16th, 2016 low)/480 (Jun 23rd low).
