BTC/EUR is seen trading well above on Wednesday marking a new high of the year. The pair breaks recent high of 765 and hits a fresh year high at 779.80 levels (COINBASE). It is currently trading around 778.25 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 748.80

Kijun-Sen level: 729

Minor weakness level – 750 (resistance turned into support)

Major reversal level -673 (Nov 20th low)

Long-term trend remains to be bullish. In the daily chart, BTC/EUR trades continuously higher for the past six trading session and a slight weakness can be seen below 750 level.

Major resistance is around 789 (127.2% retracement of 715 and 673) and any break above will take the pair to next level till 822/889 (161.8% retracement of 715.65 and 434.78). Short-term support is seen at 750 (trend line resistance turned into support) and any break below targets 729 (daily Kijun-Sen)/ 699 (Dec 6th, 2016 low)/673 (Nov 20th, 2016 low)/634 (Nov 13th low).