FxWirePro: BTC/EUR trades higher, good to buy on dips
BTC/EUR is seen trading slightly below on Wednesday. The pair has broken major resistance 563 and jumped till 583.13 yesterday (COINBASE). It is currently trading around 579.24 at the time of writing. Ichimoku analysis o…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/EUR is seen trading slightly below on Wednesday. The pair has broken major resistance 563 and jumped till 583.13 yesterday (COINBASE). It is currently trading around 579.24 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 561.80
Kijun-Sen level: 555
Trend reversal level - (100 days MA) – 552.98
Long- term trend remains to be bullish. In the daily chart, the pair is trading well above Short term (21-day MA, 50 –day MA) and Long Term MA(100- day MA, 200- day MA). So a jump till 607 is possible.
Major resistance is around 583 (trend line joining 546.20 and 562.30) and any violation above will take the pair till 607 (61.8% retracement of 698 and 434.78). Short-term support is seen at 555 (daily Kijun-Sen) and any break below targets 547 (21- day MA)/527 (Sep 22nd low)/513 (38.2% retracement of 434.58 and 562.30.
