FxWirepro: BTC/EUR faces strong resistance at 90-day EMA, good to sell on rallies
BTC/EUR is seen slightly trading in red on Friday after making a high. The pair has jumped till 529.50 yesterday and slightly declined from that level (CEXIO). It is currently trading around 517.56 at the time of writing…
BTC/EUR is seen slightly trading in red on Friday after making a high. The pair has jumped till 529.50 yesterday and slightly declined from that level (CEXIO). It is currently trading around 517.56 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 514
Kijun-Sen level: 522.75
Trend reversal level - (90 4H EMA)-540
Long-term trend remains to be bullish. In the daily chart, BTC/EUR is trading slightly above 500 levels but it should close above 90 days EMA for further bullishness.
Major resistance is around 540 (90 days EMA) and any break above will take the pair to next immediate resistance at 555 (61.8% retracement of 635 and 427)/565 (21 days MA). Short-term support is seen at 504 (23.6% retracement of 529.50 and 427) and any break below targets 480 (Jun 23rd low)/447 (200 day MA).
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