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)
Good to go short on rallies around 8000/ 8100, SL: 8700, TP: 7500/ 7000/ 6350/ 6000.
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)
Good to go short on rallies around 8000/ 8100, SL: 8700, TP: 7500/ 7000/ 6350/ 6000.
Comment:
TP3 hit.
We see scope for break below 6000 levels.
We see scope for break below 6000 levels.
Pair is below 200-DMA.
Bias lower. Trail SL to 8100. Hold for further downside.