FxWirePro: BTC/EUR faces strong support at 500, good to buy on dips
BTC/EUR is seen facing strong resistance on Friday after the plunge. The pair has once again recovered from the low of 505 yesterday (CEXIO). It is currently trading around 510.59 at the time of writing. Ichimoku analysi…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/EUR is seen facing strong resistance on Friday after the plunge. The pair has once again recovered from the low of 505 yesterday (CEXIO). It is currently trading around 510.59 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 517.50
Kijun-Sen level: 526.05
Trend reversal level - (90 day EMA)-530
Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong support at 500 and any weakness will be seen only below 500.
Major resistance is around 521 (38.2% retracement of 547.62 and 504.49) and any violation above will take the pair till 526 (daily Kijun-Sen)/536.39 (55 day EMA)/554 (100- day MA). The pair should close above 554 (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).
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