- BTC/EUR consolidates break below major trendline support at 5920, bias lower.
- The pair has edged higher from fresh 2-month lows at 5635, but upside remains capped below 6000 handle.
- Technical indicators are biased lower. Price action is below major moving averages and major EMAs are biased lower.
- Momentum indicators are bearish and -ve DMI dominance adds to bearish bias.
- Next bear target lies at 78.6% Fib at 5480. Breach there could see test of 5212.
- On the flipside, 21-EMA is immediate major resistance. Any upside only on break above.
Support levels - 5480 (78.6% Fib), 5212 (Apr 1 low), 5000
Resistance levels - 6061 (5-DMA), 6083 (61.8% Fib), 6391 (21-EMA)
Recommendation: Good to go short on upticks around 5800/ 5900, SL: 6450, TP: 5480/ 5220/ 5000.
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -53.0191 (Neutral), while Hourly EUR Spot Index was at 26.1336 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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