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  |   Digital Currency

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FxWirePro: BTC/EUR breaks above 21-EMA, good to go long on dips

  • BTC/EUR trades 3.58% higher on the day at 5633 at the time of writing.
     
  • The pair has broken above 21-EMA at 5526, bias higher.
     
  • Price action has shown breakout at channel top, we see scope for further upside.
     
  • Technical indicators on daily charts are turning bullish.
     
  • RSI has edged above 50, and biased higher. Stochs have rolled over from near oversold levels.
     
  • +ve DMI has shown a crossover on -ve DMI. 

Support levels - 5528 (21-EMA), 5424 (5-DMA), 5215 (July 12 low)

Resistance levels - 5701 (23.6% Fib), 5800 (July 7 high), 5853 (55-EMA), 5880 (June 21 high)

Recommendation: Good to go long on dips around 5600, SL: 5425, TP: 5700/ 5800/ 5850

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 160.334 (Bullish), while Hourly EUR Spot Index was at 36.3851 (Neutral) at 1215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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