BTC/EUR breaks below 200-DMA, eyes 78.6% Fib at 5488

BITSTAMP:BTCEUR   Bitcoin / Euro
BTC/EUR has extended downside after decisive break below major trendline support.
The pair has shown a breach at major support at 200-DMA , currently at 6626.
Technical studies are biased lower. We see -ve DMI dominance which supports further downside.
RSI and Stochs sharply lower, momentum heavily bearish . 5-DMA is sharply lower and Bollinger Bands are widening.
Close below 200-DMA will see major wekaness in the pair. Scope then for test of 78.6% Fib retrace at 5488.
On the flipside, 5-DMA at 6897 is immediate resistance, close above could see minor upside till 20-DMA . Bullish invalidation likely on decisive break above 20-DMA .

Support levels - 6000 (psychological level), 5488 (78.6 % Fib retrace of 2502 to 16457 rally), 4736 (Nov 12 low)
Resistance levels - 6897 (5-DMA), 7832 (61.8% Fib), ), 8573 ( 20-DMA )

Watch for close below 200-DMA , SL: 6900, TP: 6000/ 5500.
Comment: All targets hit. Book partial profits.
More downside seen. Next bear targets 4350/ 4100.
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