Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: BTC/EUR fails to extend channel breakout, eyes 200-DMA at 7434

  • BTC/EUR has failed to extend upside after showing a channel breakout in last week's trade.
     
  • Price has slipped lower to re-enter slopping channel, we see scope for further downside.
     
  • RSI has slipped below 50 levels, momentum studies are bearish, MACD is on verge of bearish crossover.
     
  • Bears now eye strong support at 200-DMA at 7434. Violation at 200-DMA will see further weakness.
     
  • Below 200-DMA next major supports align at 6000 levels and then 4712 (Feb 6 low).
     
  • On the upside, breakout above channel top (8300) could see minor upside.

Support levels - 7483 (23.6% Fib), 7434 (200-DMA), 6000 (Feb 2 low), 4712 (Feb 6 low)

Resistance levels - 8300 (channel top), 8612 (5-DMA), 9198 (38.2% Fib)

Recommendation: Good to go short on rallies around 8000/ 8100, SL: 8700, TP: 7500/ 7000/ 6350/ 6000.

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.