- 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.