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).