BTC/EUR trades below 600, decline till 532/515 is possible
BTC/EUR is seen trading below 600 on Wednesday. The pair has slightly recovered after making a low of 563.93 and declined till 606.86 levels (CEXIO). It is currently trading at 596 at the time of writing. Ichimoku analys…
By Sujha Sundararanjan
1 min read
Image from the original EconoTimes article
BTC/EUR is seen trading below 600 on Wednesday. The pair has slightly recovered after making a low of 563.93 and declined till 606.86 levels (CEXIO). It is currently trading at 596 at the time of writing.
Ichimoku analysis of 4-hour chart shows:
Tenkan-Sen level: 613
Kijun-Sen level: 627
Trend reversal level - (90 days EMA)-601
Long-term trend remains to be bullish. BTC/EUR is trading well below major trend reversal level 601 (90 4H EMA). Due to this, the pair is expected to decline till 532/515 (200 4H MA).
Major resistance is around 604 (7 4H EMA) and any break above will take the pair to next immediate resistance at 625 (55 4H EMA)/ 645 (21 day MA)/ 692 is possible. Short term support is seen around 565 and any violation below will drag the pair till 532 (161.8% retracement of 595 and 692)/515 (200 4H MA).
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