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BTC/EUR faces strong resistance at 100- day MA, break above confirms further bullishness

Wednesday, October 5, 2016 7:16 AM UTC

BTC/EUR is seen trading low in red on Wednesday. The pair has slightly declined after jumping till 552.15 levels (COINBASE). It is currently trading around 545.93 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 542.75

Kijun-Sen level: 545.06

Trend reversal level - (100 days MA) – 555.99

Long-term trend remains to be bullish. In the daily chart, the pair is trading well above Tenkan-Sen and Kijun-Sen. It should break above 100 –day MA for further bullishness.

Major resistance is around 556 (100- day MA) and any violation above will take the pair till 575 (50% retracement of 715 and 434.78)/600. Short-term support is seen at 541 (55- day MA) and any break below targets 536.50 (61.8% retracement of 551.99 and 527.04)/527 (Sep 22nd low)/513 (38.2% retracement of 434.58 and 562.30.

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Digital Currency Revolution

BTC/EUR faces strong resistance at 100- day MA, break above confirms further bullishness

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