- 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
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