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FxWirePro: BTC/EUR takes support at double top neckline without supportive signal from leading and lagging indicators – Good to snap deceptive rallies for shorts

BTCEUR forms double top with top 1 at 9550, top 2 at 9488.80 and neckline at 7583.61, bulls test support at the neckline but leading & lagging indicators due to confirm momentum and trend.

The minor trend of BTCEUR had been oscillating so far in a tight range of 9550 and 7547 levels.

In the recent past, bulls have managed to test the support at neckline, this seems to be prolonging the above-stated tight range.

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

The current price restrained below SMAs despite the upswings, and bulls struggle for the momentum.

RSI on the 4H chart shows downward convergence to signal the weakness in this pair. Same has been the case with stochastic curves.

While MACD and SMAs are showing bearish crossovers to signal the bearish trend to prolong further.

Hence, contemplating short-term downtrend that likely to prevail, we advocate selling BTCEUR for near-term targets upto 7583 levels.

When the tide and wind are moving in opposite directions, the sea is rough and sailing is hard work. The wind is in the euro’s sails, pushing it higher as the economy grows, the ECB edges away from post-GFC policies and the currency’s undervaluation support it on the other hand.

FxWirePro launches Absolute Return Managed Program. For more details, visit: 

http://www.fxwirepro.com/invest

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December 18 13:55 UTC Released

USRedbook YY

Actual

7.1 %

Forecast

Previous

6.6 %

December 18 13:55 UTC Released

USRedbook MM

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-0.3 %

Forecast

Previous

-0.5 %

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 475148475148m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 475148475148m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 463328463328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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