BTC/EUR is seen trading above on Wednesday after witnessing a plunge. The pair has broken major psychological support at 500 and declined till 427 levels (CEXIO) yesterday. It is currently trading at 489.20 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 516.22

Kijun-Sen level: 522.75

Trend reversal level - (90 4H EMA)-540

Long-term trend remains to be bullish. BTC/EUR recovered sharply from the low of 427 and closed well above 200 day MA. So a huge selling can be seen if the pair closes below 200 days MA on a daily basis.

Major resistance is around 522 (daily Kijun-Sen) and any break above will take the pair to next immediate resistance at 540 (90 days EMA)/555 (61.8% retracement of 635 and 427). Short term support is seen at 480 (Jun 23rd low) and any break below targets 445 (200 days MA)/400.