The surging bitcoin has blown away the stock market bull run and has nearly tripled its value in past 12 months. BTC/EUR shown a profit booking after hitting fresh all-time high at 2675 levels (CEXIO). The pair has formed a minor bottom around 1908 on May 22nd 2017 and any minor weakness can be seen only below that level. It is currently trading at 2391.80.

Ichimoku analysis 4-Hour chart indicates:

Tenkan-Sen level: 2370

Kijun-Sen level: 2246

Major reversal level -1900 (May 22nd 2017 low)

Long-term trend remains to be bullish. BTC/EUR downside capped by 50 4H EMA and any minor weakness can be seen below that level.

Major resistance is around 2450 (61.8% retracement of 2675 and 2070) and any break above will take the pair to next level till 2515 (100% projection of 1502 and 2108 to 1908)/2775 (138.2% projection from 828 to 1750 from 1502). Short term support is seen at 2018 (50 4H EMA) and any break below will drag the pair down till 1969 (38.2% retracement of 828 and 2675)/1907 (May 22nd 2017 low)/1502 (May 13th 2017).

It is good to buy on dips around 2000 with SL around 1900 for the TP of 2515/2675.