BTC/EUR is seen trading flat on Wednesday. The pair has jumped till 533 yesterday and started to decline from that level (CEXIO). It is currently trading around 518 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 520.74

Kijun-Sen level: 512.37

Trend reversal level - (90 days EMA)-533.51

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong resistance at 545.42 (100-day MA) and any violation confirms minor bullishness.

Major resistance is around 533.50 (90 – day EMA) and any violation above will take the pair till 545.42 (100 days MA)/555 (61.8% retracement of 635 and 427). The pair should close above 555 for further bullishness. Short term support is seen at 500 and any break below targets 480 (Jun 23rd low)/458 (200 day MA).