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- 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.
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