FxWirePro: BTC/EUR downside capped by 89- EMA, good to buy on dips
BTC/EUR has shown a minor decline after hitting an all-time high at 2716 levels (CEXIO). It is currently trading around 2587 at the time of writing. Ichimoku analysis 4-hour chart shows: Tenkan-Sen level: 2519 Kijun-Sen …
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/EUR has shown a minor decline after hitting an all-time high at 2716 levels (CEXIO). It is currently trading around 2587 at the time of writing.
Ichimoku analysis 4-hour chart shows:
Tenkan-Sen level: 2519
Kijun-Sen level: 2577
Major reversal level -2126 (200- 4H MA)
Long-term trend remains to be bullish. BTC/EUR downside capped by 89-4H EMA and any further weakness can be seen below this level.
Major resistance is around 2740 (161.8% retracement of 2621 and 2429) and any break above will take the pair to next level till 2778 (113% retracement of 2675 and 1940)/2800. Short term support is seen at 2558 (21-EMA) and any break below will drag the pair down till 2503/2420 (89- EMA).
It is good to buy on dips around 2550 with SL around 2420 for the TP of 2670/2778.
