BTC/EUR is seen trading in red on Friday. The pair is trading in a narrow range between 542.50 and 530 levels (CEXIO) in the current week. It is currently trading around 530 at the time of writing.

Ichimoku analysis of weekly chart shows:

Tenkan-Sen level: 559.95

Kijun-Sen level: 512.03

Trend reversal level - (200 day MA) - 342

Long-term trend remains to be bullish. BTC/EUR is facing strong resistance around 568 (7 W EMA) and further bullishness can be seen only above that level. Any weekly close above 568 will take the pair to next level till 591/618.

Major resistance is around 568 (7 W EMA) and any break above will take the pair to next immediate resistance at 591 (61.8% retracement of 692 and 427)/618 (Jul 18th, 2016 high)/630 (Jun 27th high). Short-term support is seen at 512 (Weekly Kijun-Sen)  and any break below targets 486 (21 days MA)/471 (61.8% retracement of 427 and 542.50). Major weakness can be seen below 412 (55 W EMA).