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BTC/EUR is seen trading well above on Thursday. The pair breaks psychological level of 800 and hits a fresh year high at 804.95 yesterday (COINBASE). It is currently trading around 803.80 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 767
Kijun-Sen level: 745
Minor weakness level – 750 (resistance turned into support)
Major reversal level -673 (Nov 20th low)
Long-term trend remains to be bullish. In the daily chart, BTC/EUR trades near fresh year high and the trend is expected to continue, a further jump till 889 is possible.
Major resistance is around 800 (Psychological resistance) and any break above will take the pair to next level till 822/889 (161.8% retracement of 715.65 and 434.78). Short-term support is seen at 772 (5-day MA) and any break below will drag the pair till 750 (trend line resistance turned into support) / 737 (21- day MA)/ 699 (Dec 6th, 2016 low).
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BTC/EUR trades above psychological level 800, jump till 889 likely
Thursday, December 22, 2016 6:27 AM UTC
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