It seems an ideal time for deploying short hedges in BTCEUR as the major crypto pair has continued its streaks consecutively on 3rdday in a row. The pair has shown considerable dips from highs of 5,725.54 to the 5,551 levels (of almost 3.04%).
While US SEC has kept declining proposals, eyeing on stringent regulatory framework, Euroarea regulations have been no exception, it has been equally firm. For an instance, recently, the funds realized from the Bittrex investment could fast-track Palladium’s goal of obtaining a majority stake in a European bank. Its issue of a tokenised convertible warrant is regulated by a prospectus approved by the Malta Financial Services Authority (MFSA) and subject to stringent EU rules.
Likewise, a French crypto exchange with an intention to comply with further regulations to come in the near future, screens only judiciously chosen coins and offer ICO services only for well-audited projects in order to become Europe’s market leader.
European cryptocurrency exchange Blockchain. intends to be meticulously audited and regulatory-compliant accounting records to abide by both their jurisdiction and international laws.
Technically, BTCEURhas formed and patterns at 5,718.55 and 5,680 levels respectively, these nudge the prices below 7DMAs, for now, more slumps likely only below 21DMAs as the overbought pressures signalled by both & Stochastics on daily terms.
While the bears in intermediate trend slide through which is again in nature, every attempt of upswing is restrained below 9EMAs and goes sideways vulnerably (refer weekly plotting). In addition to that, technical indicators on this timeframe, indecisive but bias.
Strong support at this juncture is observed at 5,405.23 levels, stiff resistance is at 5,682.58 levels. Keeping these into consideration, we foresee opportunities to snap any deceptive and abrupt rallies to wisely deploy shorts for the targets upto 5,405.23 levels but with strict stop loss at 5,682.58. Thereby, one can achieve alluring risk reward ratio.
Currency Strength Index: FxWirePro's hourly BTC spot index has flashed at -76 (which is ), while hourly EUR spot index has shown -52 ( ), while hourly USD spot index has shown 105 ( ), while articulating at 12:55 GMT .