BTC/EUR is seen trading slightly above on Tuesday. The pair has recovered sharply from the low of 546.78 made yesterday (COINBASE). It is currently trading around 557.48 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 549.99

Kijun-Sen level: 543.23

Trend reversal level - (100 day MA) – 553.28

Long-term trend remains to be bullish. In the daily chart, the pair has broken 100- day MA and jumped till 559.52.It is trading  above Tenken-Sen, Kijun-sen and 100-day MA. So a jump till 575/600 is possible.

Major resistance is around 563 (Sep 11th high) and any violation above will take the pair till 575 (50% retracement of 715 and 434.78)/600. Short term support is seen at 546 (21- day MA) and any break below targets 539 (61.8% retracement of 551.99 and 527.04)/527 (Sep 22nd low)/513 (38.2% retracement of 434.58 and 562.30.