BTC/EUR is seen trading slightly above on Monday. The pair is trading in a narrow range between 537 and 509 for the past six trading session (CEXIO). It is currently trading around 515.57 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 523

Kijun-Sen level: 508

Trend reversal level - (90 days EMA)-531.50

Long-term trend remains to be bullish. In the daily chart, BTC/EUR is facing strong resistance at 551 (100-day MA) and any violation confirms minor bullishness.

Major resistance is around 516 (9 – day EMA) and any violation above will take the pair till 523(daily Tenken-Sen)/538 (55 days EMA)/551 (100- day MA). The pair should close above 551 (100- day MA) for further bullishness. Short-term support can be noticed at 504 (Aug 16th low) and any break below targets 480 (Jun 23rd low)/458 (200 day MA).