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BTC/EUR faces strong resistance at 161.8% fibo, break above targets 789

Friday, December 16, 2016 8:30 AM UTC

BTC/EUR is seen trading well above on Friday. The pair breaks minor resistance at 742 and jumped till 747.87 yesterday (COINBASE). It is currently trading around 747.53 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 725.90

Kijun-Sen level: 710.61

Trend reversal level - (100 day MA) – 623

Long-term trend remains to be bullish. In the daily chart, BTC/EUR faces major resistance at 748 (161.8% retracement of 729.73 and 699) and any break above will take the pair till 789/800.

Major resistance is around 748 (161.8% retracement of 729.73 and 699) and any violation above will take the pair till 789 (127.2% retracement of 715 and 673)/800. Short term support –728 (10- day EMA) and any break below targets 710 (daily Kijun-Sen)/ 673 (Nov 20th, 2016 low)/634 (Nov 13th low).

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Digital Currency Revolution

BTC/EUR faces strong resistance at 161.8% fibo, break above targets 789

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