BTC/EUR below 200-DMA & cloud, scope for fall below 6000
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BTC/EUR extends weakness below 200-DMA, scope for further downside.
Price action has retraced channel breakout and price has slipped below major EMAs on intraday charts.
The pair has broken below daily cloud and momentum studies are heavily bearish.
Next major support on the daily charts lies at 78.6% Fib retrace of 2502 to 16457 rally at 5488.
Violation there could see test of 4712 (Feb 6th lows) and further weakness will see test of channel base.
On the flipside, breakout above 200-DMA and channel top at 7558 could see bearish invalidation.
Support levels - 6000, 5488 (78.6% Fib retrace of 2502 to 16457 rally), 5000, 4712 (Feb 6th lows)
Resistance levels - 7105 (5-DMA), 7558 (200-DMA), 7832 (61.8% Fib)
Book partial profits on the previous call (link below), trail SL to 7600, stay short for 6000/ 5500/ 5000.
Price action has retraced channel breakout and price has slipped below major EMAs on intraday charts.
The pair has broken below daily cloud and momentum studies are heavily bearish.
Next major support on the daily charts lies at 78.6% Fib retrace of 2502 to 16457 rally at 5488.
Violation there could see test of 4712 (Feb 6th lows) and further weakness will see test of channel base.
On the flipside, breakout above 200-DMA and channel top at 7558 could see bearish invalidation.
Support levels - 6000, 5488 (78.6% Fib retrace of 2502 to 16457 rally), 5000, 4712 (Feb 6th lows)
Resistance levels - 7105 (5-DMA), 7558 (200-DMA), 7832 (61.8% Fib)
Book partial profits on the previous call (link below), trail SL to 7600, stay short for 6000/ 5500/ 5000.
Not
BTC/EUR fails to close below 78.6% Fib. We see further weakness only on break below.Pair hits lows of 5212 before bouncing back.
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