BTC/EUR is seen trading above on Wednesday. The pair is trading in a narrow range between 741.75 and 726 for the past two trading sessions (COINBASE). It is currently trading around 736.87 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 720.37

Kijun-Sen level: 707.61

Trend reversal level - (100 days MA) – 619.48

Long-term trend remains to be bullish. In the daily chart, BTC/EUR faces minor support at 10- day MA and any break below will drag the pair till 713/700.

Major resistance is around 748 (161.8% retracement of 729.73 and 699) and any violation above will take the pair till 789 (127.2% retracement of 715 and 673)/800. Short-term support is seen at 723 (10- day MA) and any break below targets 707 (daily Kijun-Sen)/ 673 (Nov 20th, 2016 low)/634 (Nov 13th low).