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BTC/EUR trades well below 600, decline till 540/505 likely

Friday, July 8, 2016 7:07 AM UTC

BTC/EUR is seen trading well below 600 in red on Friday. The pair has recovered slightly after making a low of 555.97 levels (CEXIO). It is currently trading at 579.04 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 592.98

Kijun-Sen level: 587.82

Trend reversal level - (90 4H EMA)-503

Long term trend remains to be bullish. BTC/EUR trades well below daily Tenken-Sen and Kijun-Sen. So a decline till 543/505 is possible.

Major resistance is around 595 (7 days EMA) and any break above will take the pair to next immediate resistance at 612 (Jul 6th high)/635 (24th Jun high)/656 (127.2% retracement of 635 and 562). Short term support is seen at 543 (55 days EMA) and any violation below will drag the pair till 503 (55 days EMA).

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Digital Currency Revolution

BTC/EUR trades well below 600, decline till 540/505 likely

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