FxWirePro
Short

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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out