BTC/EUR is seen trading below in red on Wednesday. The pair is trading in a narrow range between 529.97 and 509.44 for the past six trading session (CEXIO). It is currently trading around 513.29 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 523

Kijun-Sen level: 526.05

Trend reversal level - (90 days EMA)-530.82

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong support at 500 and further weakness only below 500.

Major resistance is around 518.45 (Cloud top) and any violation above will take the pair till 526 (daily Kijun-Sen)/538 (55 days EMA)/552 (100- day MA). The pair should close above 551 (100- day MA) for further bullishness. Short-term support is seen at 504 (Aug 16th low) and any break below targets 480 (Jun 23rd low)/458 (200 day MA).