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FxWirePro: BTC/EUR trades in narrow range, further jump above 1745 level

Thursday, May 18, 2017 7:26 AM UTC

BTC/EUR is trading in narrow range between 1476 and 1683 for the past five trading days (COINBASE). The pair has formed a minor bottom around 1549 on May 16th 2017 and is currently trading around 1652 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 1609

Kijun-Sen level: 1444

Major reversal level -1477 (21- EMA)

Long-term trend remains to be bullish. BTC/EUR faces strong resistance at 1745 all-time high formed at May 11th 2017 and further bullishness can be seen only above that level.

Major resistance is around 1750 and any break above will take the pair to next level till 1835 (161.8% retracement of 1742 and 1591)/1943 (261.8% projection of 826 to 1160 from 1069). Short term support is seen at 1525 (23.6% retracement of 1742 and 826) and any break below will drag the pair down till 1492 (21 day EMA)/1444 (daily Kijun-Sen)/1343 (May 4th 2017).

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Digital Currency Revolution

FxWirePro: BTC/EUR trades in narrow range, further jump above 1745 level

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