BTC/EUR continuing its winning streak for the past twelve trading sessions and on Friday, the pair has broken the previous all-time high of 1111.56 yesterday (COINBASE). It is currently trading around 1145 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 1045

Kijun-Sen level: 995

Major reversal level -865 (89- day EMA)

The month has seen a gradual increase in BTC trading and BTC/EUR pair soared above 1000 earlier this week. The current all-time increase and the reason for a bullish bitcoin market might be the new support for the digital currency from Japan, as traders and exchanges are filling the gap created when China’s central bank reportedly ordered Bitcoin China to support the yuan, according to iexpats news publisher.

The overall trend is extremely bullish and any minor weakness can be seen only below 875 (Feb 9th low). Long-term trend remains to be bullish. The pair is trading well above major resistance at 1111.56 and a jump till 1200 likely.

Major resistance is around 1168 ((113% retracement of 1111.56 and 694.78) and any break above will take the pair to next level till 1200/1270. Short term support is seen at 1065 (5- day EMA) and any break below will drag the pair till 1016 (10- day MA)/ 995 ( daily Kijun-Sen)/887 (38.2%retracement of 694 and 1005)/871 (60- day EMA).