The first chart showing 18 months trend of BTCEUR. It showed that Bitcoin started to its gradual uptrend after European Central Bank (ECB) implemented its Quantitative easing (QE) program. It still within the same bullish channel now trading at €749.98 from €216.62 on June 2015, a gain of 246.22%. The recent Fed Interest rate hike exposes Euro and other currencies weaknesses.
The yearly chart indicating the current rally was continuation of the longer term ascending trend. The smaller and narrower multi-months channel was started on August around 434.78 level. The symmetrical upward pattern is flowing nicely within its range. Its price surged pass 6-months high last week around 715.65 after Mario Draghi confirmed ECB could QE extended till Dec 2017 but reduced pledge.
In the shorter 4-hour timeframe chart, The price was just broke out from the narrow channel. Despite Euro traded firmer against USD today, Bitcoin still managed to notching higher. This made its rally look even more impressive. The crucial resistance level will be around 762-763.20 zone. On the support level, we could set the important level around 744.25. Further down, we could see decisive support band around the 735-740. Due to Euro weakness, the BTCEUR is an bettre alternative option of BTCUSD. Therefore, the BTCEUR uptrend is currently outpacing BTCUSD pair.
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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.