FxWirePro: BTC/EUR bears resume at sloping channel resistance and 21-EMA – Good to snap deceptive rallies for fresh short-build ups

The minor trend of BTCEUR had been oscillating so far in a tight range of 7442.85 and 6325.92 levels. Bears of this pair resume exactly at sloping channel resistance, while every attempt of upswing restrained below 21EMA.

For now, strong support is seen at 6728.58 levels.

In the recent past, more dips seem to be likely on the decisive breach below these strong supports, both the leading oscillators signal momentum in selling interests, while DMA & MACD crossovers signal downtrend to prolong further.

Both leading (RSI & stochastic curves) and lagging indicators (7&21EMAs and MACD) have been indicating that the strength and downtrend continuation.

If you see any abrupt bullish swings that are not reliable as the technical indicators have still been in bears’ favor.

RSI on weekly terms shows downward convergence to signal the faded strength in the previous uptrend. Same has been the case with stochastic curves.

Hence, contemplating on both short-term and major trend, we advocate snapping BTCEUR rallies to deploy shorts, stay short in futures contracts of mid-month tenors with a view to arresting further potential downside risks.

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