BTC/EUR is seen trading well above on Wednesday. The pair breaks the 61.8% fibo level at 607 (61.8% retracement of 698 and 434.78) and jumped slightly till 610 levels (COINBASE).It is currently trading around 609.56 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 588.73

Kijun-Sen level: 574.25

Trend reversal level - (100 days MA) – 550.85

Long-term trend remains to be bullish. In the daily chart, BTC/EUR trades slightly above major resistance 607, a jump till 623/636 is possible.

Major resistance is around 614 (88.6% retracement of 636 and 434.78) and any violation above will take the pair 623 (Jul 17th high)/636 Jul 7th 2016 high). Short-term support is seen at 597 (5- day MA) and any break below targets 588 (daily Tenkan-Sen) /577 (21- dayMA).