BTC/EUR is seen trading below in red on Friday. The pair has slightly recovered from the low of 525 made yesterday (CEXIO). It is currently trading around 529.35 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 535.64

Kijun-Sen level: 532.06

Trend reversal level - (100 days MA)-563.36

Long-term trend remains to be bullish. In the daily chart, the pair is struggling to break above daily Kijun-Sen and also trading below 5- day MA and 10- day MA. So a decline till 503 is possible.

Major resistance is around 532 (21-day MA) and any violation above will take the pair till 540/ (21- day MA)/550/563.60 (100- day MA). Short-term support is seen at 522 (Cloud bottom) and any break below targets 513 (38.2% retracement of 434.58 and 562.30)/503 (Sep 2nd low).