BTC/EUR is seen trading in the red on Wednesday. The pair has declined slightly after making a high of 610 levels (CEXIO). It is currently trading at 578.47 at the time of writing.

Ichimoku analysis of 4-hour chart shows:

Tenkan-Sen level: 584.50

Kijun-Sen level: 593

Trend reversal level - (90 4H EMA)-592.56

Long term trend remains to be bullish. Short term trend seems to be Bearish. BTC/EUR is trading well below 21 4H MA and a slight decline till 554/505 is possible.

Major resistance is around 595 (55 4H EMA) and any break above will take the pair to next immediate resistance at 610 (Jun 27th high)/635 (24th Jun high)/ 669 (88.6% retracement of 692.56 and 483). Short term support is seen at 554 (200 4H MA) and any violation below will drag the pair till 539 (61.8% retracement of 635 and 483.35)/500.