FxWirePro: BTC/EUR rejected at channel top, dip till 5080 likely

• BTC/EUR trades 2.87% lower on the day, at 5308 at the time of writing.
   
• Price action rages in slopping channel pattern and upside has been 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)

Recommendation: Good to go short around 5330/5400, SL: 5510, TP: 5220/ 4970/ 4950

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -78.203 (Neutral), while Hourly EUR Spot Index was at -5.48039 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.