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FxWirePro: BTC/EUR downside capped by 23.6% fibo, good to buy on dips

BTC/EUR jumped once again after declining till 1549 yesterday. The pair has formed a minor bottom around 1476 on May 13th 2017 and is consolidating around that level (COINBASE). It is currently trading around 1652.47 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 1598

Kijun-Sen level: 1444

Major reversal level -1477 (21- EMA)

Long-term trend remains to be bullish. BTC/EUR faces strong support at 23.6% fibo and further bearishness can be seen if pair closes below that level.

Major resistance is around 1750 and any break above will take the pair to next level till 1835 (161.8% retracement of 1742 and 1591)/1943 (261.8% projection of 826 to 1160 from 1069). Short term support is around 1525 (23.6% retracement of 1742 and 826) and any break below will drag the pair down till 1477 (21 day EMA)/1444 (daily Kijun-Sen)/1343 (May 4th 2017).

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