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FxWirePro: BTC/EUR bulls struggle to gain traction, break above 21-EMA could see minor upside

  • Analysts believe that the crypto market has bottomed and now the recovery is on the way.
     
  • But the technical picture is mixed and not completely supportive of the upside.
     
  • BTC/EUR trades largely unchanged on the day after hitting session highs at 5633.
     
  • The pair finds strong resistance at 21-EMA at 5683 and we see minor upside only on break above.
     
  • Next major resistance above 21-EMA lies at 100-DMA at 5836 ahead of 6049 (55-EMA). We see bullish continuation only on breakout above 200-DMA. 
     
  • On the flip side, the pair finds strong support at 5355 (trendline). We see resumption of weakness  on break below. 

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 149.382 (Bullish), while Hourly EUR Spot Index was at 40.3899 (Neutral) at 1245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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