BTC/EUR has shown a minor recovery after hitting low of 1770 from the fresh all-time high at 2671 levels (CEXIO). The pair has formed a minor bottom around 1908 on May 22nd 2017 and slight break below confirms minor weakness. It is presently trading around 2055 at press time.

Ichimoku analysis 4-Hour Chart indicates:

Tenkan-Sen level: 2054

Kijun-Sen level: 2220

Major reversal level -1625 (200- 4H MA)

Long-term trend remains to be bullish. BTC/EUR upside capped by 4H Kijun-Sen and any minor bullishness can be seen above that level.

Major resistance is around 2220 (4H Kijun-Sen) and any break above will take the pair to next level till 2325 (61.8% retracement of 2675 and 2070)/2515 (100% projection of 1502 and 2108 to 1908)/2670. Short term support is seen at 1940 (89 -4H EMA) and any break below will drag the pair down till 1907 (May 22nd 2017 low)/1625 (200 4H MA)/1502 (May 13th 2017).

It is good to sell on rallies around 2100 with SL around 2225 for the TP of 1630/1510.