BTC/EUR is seen trading well below on Wednesday. The pair is showing a slight jump above 700 but not able to close above that level (COINBASE). It is currently trading around 689 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 700

Kijun-Sen level: 665

Trend reversal level - (100 day MA) – 591

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong support at 685 and any break below will drag the pair till 645 (55- day EMA).

Major resistance is around 715 (161.8% retracement of 673 and 610) and any violation above will take the pair till 740 (161.8% retracement of 714.95 and 673). Short-term support is seen at 685 (21- day MA) and any break below targets 662 (daily Kijun-Sen)/ 634 (Nov 13th low).