BTC/EUR is trading in red on Wednesday. The pair has retreated till 596(Tuesday) after making a high of 638.51 levels (CEXIO) on Monday. It is currently trading around $605.17 at the time of writing.

Ichimoku analysis of 4-hour chart shows:

Tenkan-Sen level: 612

Kijun-Sen level: 575

Trend reversal level - (90 day EMA)-$530

Long term trend continues to remain Bullish. BTC/EUR has declined till 4-hour Kijun-Sen and slightly recovered from that level. It is good to buy at lower levels around 575.

Major resistance is seen at $640 (yesterday’s rounded high) and any break above targets 662 (2.618% retracement 451 and 320)/750. Short term support is seen at603 (21 4H EMA) and any violation below will drag the pair till 575/ 557(55 4H EMA).