BTC/EUR capped at channel top, dips till 5000 level likely

BITSTAMP:BTCEUR   Bitcoin / Euro
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


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