FxWirePro: BTC/EUR bearish engulfing hampers momentum, but hammer and dragonfly doji counters to spike off – Buy on bullish EMA crossovers

We had raised bearish indications and given short call accordingly on BTCEUR on 8th March anticipating the breach below double top neckline formation at 7583 levels, before we move on further with this write up, we urge you to go through below weblink for more readings on our previous write-up:

https://www.econotimes.com/FxWirePro-BTC-EUR-takes-support-at-double-top-neckline-without-supportive-signal-from-leading-and-lagging-indicators--Good-to-snap-deceptive-rallies-for-shorts-1191046

Ever since then, the pair has tumbled upto 5213.10 levels to bottom out and bounce back. Rest is history!!!

For now, the pair has exactly stuck at the similar point of confliction.  

The minor trend of BTCEUR seems to be edgy as the bearish engulfing pattern has occurred yesterday at 7285 levels, that hampers momentum in previous bullish swings (refer daily plotting).

To counter back, hammer and dragonfly doji patterns occur at strong supports of 7131.40 levels, consequently, bulls have managed to bounce back. The current prices spikes above 7 & 21 EMAs with bullish crossovers (refer 4H chart).

Both leading (RSI & stochastic curves) and lagging indicators (7&21EMAs and MACD) have been indicating that the strength and uptrend continuation.

Hence, contemplating on both short-term and major trend, we advocate buying BTCEUR in near term.

Currency Strength Index: FxWirePro's hourly BTC spot index has shown 76 (which is bullish), hourly EUR spot index was at -69 (bearish), while articulating at 06:57 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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