FxWirePro: BTC/EUR trades below daily cloud and 200-DMA, scope for break below 6000 levels

• BTC/EUR extends weakness below 200-DMA, scope for further downside.
   
• Price action has retraced channel breakout and price has slipped below major EMAs on intraday charts.
   
• The pair has broken below daily cloud and momentum studies are heavily bearish.
   
• Next major support on the daily charts lies at 78.6% Fib retrace of 2502 to 16457 rally at 5488.
   
• Violation there could see test of 4712 (Feb 6th lows) and further weakness will see test of channel base.
   
• On the flipside, breakout above 200-DMA and channel top at 7558 could see bearish invalidation.

Support levels - 6000, 5488 (78.6% Fib retrace of 2502 to 16457 rally), 5000, 4712 (Feb 6th lows)

Resistance levels - 7105 (5-DMA), 7558 (200-DMA), 7832 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-fails-to-extend-channel-breakout-eyes-200-DMA-at-7434-1190891) has hit TP3.

Recommendation: Book partial profits at lows, trail SL to 7600, stay short for 6000/ 5500/ 5000.

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