BTC/EUR is seen facing a strong support and trading below on Thursday. The pair declined sharply from the high of 588.17 made on 15th Oct (COINBASE). It is currently trading around 578.62 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 572.41

Kijun-Sen level: 560.78

Trend reversal level - (100 days MA) – 551.69

Long-term trend remains to be bullish. BTC/EUR has taken support near 21- day MA and started to jump from that level. So a slight weakness can be seen only below that level.

Major resistance is around 588 (Oct 15th high) and any violation above will take the pair till 607 (61.8% retracement of 698 and 434.78)/623 (Jul 17th high). Short term support – 572.41 (daily Tenkan-Sen) and any break below targets 565.77 (21- day MA/554.78 (55- day EMA).