BTC/EUR is seen trading low in red on Wednesday. The pair has declined slightly from the high of 546.29 made yesterday (CEXIO). It is currently trading around 538.55 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 541.15

Kijun-Sen level: 532.06

Trend reversal level - (100 days MA)-565.19

Long-term trend remains to be bullish. In the daily chart, the pair has slightly broken 21- day MA at 538.10.But it should break below daily Kijun-Sen at 532 for further weakness.

Major resistance is around 550 and any violation above will take the pair till 565.19 (100- day MA)/575/608 (61.8% retracement of 715.65 and 434.78). Short-term support is seen at 532 (daily Kijun-Sen) and any break below targets 513 (38.2% retracement of 434.58 and 562.30)/500.