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BTC/EUR faces strong support at 21-WEMA, close below targets 694

Bitcoin rose almost 50% in this year 2017 from the low of $694. The pair jumped till $1350 on Mar 10th 2017 and shown a steep fall after SEC rejects Bitcoin ETF. BTC/EUR breaks major support at 920 low formed after BTC ETF rejection and declined till 864 from that level (COINBASE). BTC/EUR slightly recovered till 995 after the huge sell-off. It has shown minor decline below 21- W EMA and any close below that level will confirm further weakness.

Ichimoku analysis of weekly chart shows:

Tenkan-Sen level: 1064

Kijun-Sen level: 938

Major reversal level -694 (Jan 2017 low)

RSI (Weekly chart) - Bearish Divergence

Long-term trend remains to be bullish. On the lower side, major near-term support is around $812 (61.8% retracement of 694 and 1350) and any close below that level will drag the pair till $694 (Jan 2017 low).

In the weekly chart, BTC/EUR has formed bearish divergence, a decline till $694 likely. Short term bullish invalidation only below $694. Any close below $694 will drag the pair till $434 (Aug 2016 low). On the higher side, near term resistance is around $1350 and any break above confirms bullish continuation, a jump till $1500/$1650 (161.8% retracement of $1350 and $864) is possible.

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