FxWirePro: BTC/EUR faces strong support at 500, good to buy on dips
BTC/EUR is seen trading slightly above on Tuesday. The pair has once again recovered slightly after making a low of 508 (CEXIO). It is currently trading around 516.19 at the time of writing. Ichimoku analysis of daily ch…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/EUR is seen trading slightly above on Tuesday. The pair has once again recovered slightly after making a low of 508 (CEXIO). It is currently trading around 516.19 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 522.55
Kijun-Sen level: 526.05
Trend reversal level - (90 days EMA)-531.13
Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong support at 500 and further weakness only below 500.
Major resistance is around 518.45 (Cloud top) and any violation above will take the pair till 526 (daily Kijun-Sen)/538 (55 days EMA)/552 (100- day MA). The pair should close above 551 (100- day MA) for further bullishness. Short-term support is seen at 504 (Aug 16th low) and any break below targets 480 (Jun 23rd low)/458 (200 day MA).
He said stablecoins have narrowed Bitcoin’s role as a medium of exchange or unit of account, while expected data-center returns may make assets without immediate payoffs less attractive.
