FxWirePro: BTC/EUR downside capped by 89- 4H EMA, good to sell on rallies
BTC/EUR is consolidating between 2231 and 1940 for the past 3 trading session. The pair has declined till 2008 yesterday and shown a minor recovery from that level (CEXIO). Intraday weakness can be seen only below 2000 l…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/EUR is consolidating between 2231 and 1940 for the past 3 trading session. The pair has declined till 2008 yesterday and shown a minor recovery from that level (CEXIO). Intraday weakness can be seen only below 2000 level. It is currently trading at 2006.04 at press time.
Ichimoku analysis 4-Hour chart shows:
Tenkan-Sen level: 2103
Kijun-Sen level: 2000
Major reversal level -1685 (200- 4H MA)
Long-term trend remains to be bullish. BTC/EUR downside capped by 1989 (89- 4H EMA) and any minor weakness can be seen only below this level.
Major resistance is around 2220 (50% retracement of 2671 and 1770) and any break above will take the pair to next level till 2325 (61.8% retracement of 2675 and 2070)/2515 (100% projection of 1502 and 2108 to 1908)/2670. Short term support is seen at 1989 (89 -4H EMA) and any break below will drag the pair down till 1940 (May 28th 2017 low)/1660 (200 4H MA).
It is good to sell on rallies around 2100 with SL around 2225 for the TP of 1630/1510.
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