- BTC/EUR retraces back above 200-DMA at 6683 levels, bias higher.
- The pair is trading 12.50% higher on the day at around 6933 levels at the time of writing.
- Price has broken above strong trendline resistance at 6740 on the 1H charts.
- Technical studies are turning bullish, RSI and Stochs are showing a rollover from oversold levels.
- MACD is on verge of bullish crossover, which if completed will add to the bullish bias.
- On the flipside, failure at 200-DMA will invalidate bullish bias. Scope for test of 5500 levels.
Support levels - 6683 (200-DMA), 6284 (5-DMA), 5488 (78.6 % Fib retrace of 2502 to 16457 rally)
Resistance levels - 7150 (50% Fib retrace of 9589 to 4712 fall), 7500 (Feb 4 high), 7725 (61.8% Fib retrace of 9589 to 4712 fall)
Recommendation: Good to go long on dips around 6800/ 7000, SL: 6700, TP: 7150/ 7500/ 7725.
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