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FxWirePro: BTC/EUR upside capped by 38.2% fibo, good to sell on rallies

BTC/EUR is trading in a narrow range between 776 and 900 for the past three trading sessions (COINBASE). It is currently trading around 859 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 944.22

Kijun-Sen level: 922.63

Major reversal level -751 (89- day EMA)

Long-term trend remains to be bullish. In the daily chart, BTC/EUR upside capped by 38.2% fibo and any break above will take the pair till 1000 level.

Major resistance is around 904.50 (38.2% retracement of 1111.56 and 776) and any break above will take the pair to next level till 944 (daily Tenken-Sen)/983.50 (61.8% retracement of 1111 and 776.89)/1000. Short-term support is seen at 795 (60- day EMA) and any break below will drag the pair till 751 (89- day EMA)/776 (Jan 7th 2017 low).

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