Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: BTC/EUR bounces off strong trendline support, good to go long on dips

  • BTC/EUR has shown a bounce off strong trendline support and is trading 5.5% higher on the day.
     
  • Price has broken above 1H Ichimoku cloud and we see scope for further upside.
     
  • Technical studies on intraday charts are turning slightly bullish. MACD has shown a bullish crossover and Stoch and RSI are biased higher.
     
  • We see +ve DMI crossover which further supports upside bias.
     
  • Next immediate resistance is seen at 38.2% Fib retracement at 9198. Break above could see test of 100-DMA at 9894.
     
  • Bullish invalidation likely on break below 20-DMA at 7294. Pair could then retest 4712 levels.

Support levels - 8498 (5-DMA), 8000, 7483 (23.6% Fib)

Resistance levels - 9198 (38.2% Fib), 9894 (100-DMA), 10000

Recommendation: Good to go long on dips around 8800, SL: 8450, TP: 9200/ 9900

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

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.