FxWirePro: BTC/EUR consolidates in narrow range, good to buy on dips

BTC/EUR is consolidating in a narrow range between 546 and 530 levels (CEXIO) for the past two trading session. It is currently trading around 534 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 506

Kijun-Sen level: 523.65

Trend reversal level - (90 days EMA)-534

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing resistance at 21 days EMA and it should close above that level for further bullishness.

Major resistance is around 557 (21 days EMA) and any break above will take the pair to next immediate resistance at 568 (21 days MA)/587 (61.8% retracement of 689 and 427). Short term support is seen at 504 (23.6% retracement of 529.50 and 427) and any break below targets 480 (Jun 23rd low)/447 (200 day MA).