BTC/EUR capped at channel top, dips till 5000 level likely
BTC/EUR rejected at channel top.
The pair has broken below 21-EMA and 5-DMA supports and we see scope for further downside.
Technical indicators on daily charts are bearish. Stochs have rolled over from overbought levels.
RSI shows weakness below 50 levels and is sharply lower. We see -ve DMI dominance which adds to the bearish bias.
Downside targets lower Bollinger Band at 5080. Break below will see next major support at 4940 (trendline).
On the flipside, breakout at 21-EMA and then channel top will negate bearish bias.
Support levels - 5212 (Apr 1 low), 5080 (lower BB), 4970 (June 29 low), 4940 (trendline)
Resistance levels - 5506 (5-DMA), 5558 (21-EMA), 5625 (channel top), 5833 (50-DMA)
Good to go short on upticks, SL: 5510, TP: 5220/ 4970/ 4950
The pair has broken below 21-EMA and 5-DMA supports and we see scope for further downside.
Technical indicators on daily charts are bearish. Stochs have rolled over from overbought levels.
RSI shows weakness below 50 levels and is sharply lower. We see -ve DMI dominance which adds to the bearish bias.
Downside targets lower Bollinger Band at 5080. Break below will see next major support at 4940 (trendline).
On the flipside, breakout at 21-EMA and then channel top will negate bearish bias.
Support levels - 5212 (Apr 1 low), 5080 (lower BB), 4970 (June 29 low), 4940 (trendline)
Resistance levels - 5506 (5-DMA), 5558 (21-EMA), 5625 (channel top), 5833 (50-DMA)
Good to go short on upticks, SL: 5510, TP: 5220/ 4970/ 4950