FxWirePro: BTC/EUR consolidates break below daily cloud, momentum studies bearish

• BTC/EUR is consolidating below daily cloud and 200-DMA, bias bearish.
   
• The pair trades with a major bearish bias, scope for break below 6000 levels.
   
• Price action has retraced channel breakout and has slipped below major EMAs on intraday charts.
   
• Next major support on the daily charts lies at 78.6% Fib retrace of 2502 to 16457 rally at 5488.
   
• Violation there could see test of 4712 (Feb 6th lows) and further weakness will see test of channel base.
   
• On the flipside, breakout above nearly converged 200-DMA and channel top at 7575 could see bearish invalidation.

Support levels - 6000, 5488 (78.6% Fib retrace of 2502 to 16457 rally), 5000, 4712 (Feb 6th lows)

Resistance levels - 6971 (5-DMA), 7575 (200-DMA), 7832 (61.8% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-fails-to-extend-channel-breakout-eyes-200-DMA-at-7434-1190891) has hit TP3.

Recommendation: Bias lower stay short for further downside.

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