BTC/EUR is seen trading well below in red on Thursday. The pair has declined sharply from the high of 544.90 made yesterday (CEXIO). It is currently trading around 531.15 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 541.15

Kijun-Sen level: 532.06

Trend reversal level - (100 days MA)-563

Long-term trend remains to be bullish. In the daily chart the pair has broken major support at 532 (daily Kijun-Sen) and a break below confirms minor trend reversal, a decline till 503 is possible.

Major resistance is around 540 (21-day MA) and any violation above will take the pair till 550/564.22 (100- day MA)/575/608 (61.8% retracement of 715.65 and 434.78). Short-term support is seen at 522 (Cloud bottom) and any break below targets 513 (38.2% retracement of 434.58 and 562.30)/503 (Sep 2nd low).