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FxWirePro: BTC/EUR breaks major trendline support, eyes 200-DMA at 6555, stay short

  • BTC/EUR has shown a decisive break below major trendline support at 7790, bias lower.
     
  • The pair is extending downside, eyes next immediate support at 200-DMA at 6555.
     
  • Break below 200-DMA will see major weakness in the pair. Scope then for test of 78.6% Fib retrace at 5488.
     
  • Technical studies are biased lower. We see -ve DMI dominance which supports further downside.
     
  • RSI and Stochs sharply lower, momentum heavily bearish.
     
  • On the flipside, break above 5-DMA could see minor upside till 20-DMA at 9130.
     
  • Bullish invalidation likely on decisive break above 20-DMA.

Support levels - 6555 (200-DMA), 5488 (78.6 % Fib retrace of 2502 to 16457 rally)

Resistance levels - 7822 (5-DMA), 9128 (20-DMA), 9479 (50% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-capped-below-5-DMA-good-to-go-short-on-break-below-7790-1127299) has hit TP1.

Recommendation: Book partial profits at lows. Watch for break below 200-DMA for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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