FxWirePro: BTC/EUR faces strong resistance at 21-day EMA, good to buy on dips

BTC/EUR is seen trading in red on Wednesday. The pair has declined slightly after making a high of 542.50 levels (CEXIO) on Aug 9th, 2016. It is currently trading around 533.91 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 497.48

Kijun-Sen level: 522.75

Trend reversal level - (90 days EMA)-538.76

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is trading slightly above Tenken-Sen and Kijun-Sen. The pair should close above 21 days EMA for further bullishness.

Major resistance is around 555 (21 days EMA) and any break above will take the pair to next immediate resistance at 564 (21 days MA)/587 (61.8% retracement of 689 and 427). Short-term support – 504 (23.6% retracement of 529.50 and 427) and any break below targets 480 (Jun 23rd low)/451 (200 days MA).