BTC/EUR is seen trading below in red on Thursday. The pair is trading narrow range between 545 and 535 for the past three trading session (COINBASE). It is currently trading around 541.44 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 535.64

Kijun-Sen level: 532.06

Trend reversal level - (100 days MA) – 557.23

Long-term trend remains to be bullish. In the daily chart, the pair is struggling to break above 61.8% retracement level at 549. So any break above that level targets 558.

Major resistance is around 549 (61.8% retracement of 562 and 527) and any violation above will take the pair till 558.80 (100- day MA)/575 (50% retracement of 715 and 434.78). Short-term support is seen at 518.30 (Ichimoku Cloud) and any break below targets 513 (38.2% retracement of 434.58 and 562.30)/503 (Sep 2nd low).