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FxWirePro: BTC/EUR capped below 5-DMA, good to go short on break below 7790

  • BTC/EUR extends range trade, capped below 5-DMA which is strong resistance at 8505.
     
  • The pair finds major support at rising trendline currently at 7790, break below to see further weakness.
     
  • Technical studies are biased lower. RSI and Stochs support downside. We see -ve DMI dominance.
     
  • Break below major trendline support at 7790 could see test of 200-DMA at 6535.
     
  • On the flipside, break above 5-DMA could see minor upside till 20-DMA at 9411.
     
  • Bullish invalidation likely on decisive break above 20-DMA.

Support levels - 7790 (trendline), 6535 (200-DMA), 5488 (78.6 % Fib retrace of 2502 to 16457 rally)

Resistance levels - 8503 (5-DMA), 9411 (20-DMA), 9479 (50% Fib)

Recommendation: Good to go short on break below 7790 (trendline), SL: 8600, TP: 7000/ 6500/ 6000/ 5500.

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