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BTC/EUR faces strong resistance at 675, break above targets 700

Wednesday, November 16, 2016 8:24 AM UTC

BTC/EUR is seen trading above on Wednesday. The pair recovered slightly after declining till 649 levels (COINBASE). It is currently trading around 669.58 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 652

Kijun-Sen level: 626.50

Trend reversal level - (100 day MA) – 566

Long-term trend remains to be bullish. In the daily chart, BTC/EUR faces strong resistance at 675. Any close above confirms further bullishness.

Major resistance is around 675 (Nov 3rd 2016 high) and any violation above will take the pair till 683.11 (88.6% retracement of 715 and 434.58)/700. Short-term support is seen at 650 (daily Tenken-Sen) and any break below targets 624.02 (daily Kijun-Sen)/610 (Nov 3rd low).

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Digital Currency Revolution

BTC/EUR faces strong resistance at 675, break above targets 700

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