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FxWirePro: BTC/EUR breaks above 6000 mark, momentum with the bulls, stay long on dips

BTC/EUR has shown a break above 6000 mark as the pair extends gains for 5th straight session. Price action has broken out of slopping channel pattern raising scope for bullish reversal. The pair has edged into daily clou…

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FxWirePro: BTC/EUR breaks above 6000 mark, momentum with the bulls, stay long on dips
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  • BTC/EUR has shown a break above 6000 mark as the pair extends gains for 5th straight session.
     
  • Price action has broken out of slopping channel pattern raising scope for bullish reversal.
     
  • The pair has edged into daily cloud and has broken above 110-EMA.
     
  • Technical indicators support further upside in the pair. Momentum with the bulls.
     
  • Break above daily cloud eyes 61.8% Fib at 7001. While we see weakness only below 5-DMA at 5846.

Support levels - 6343 (110-EMA), 6000, 5844 (5-DMA)

Resistance levels - 6600 (50% Fib), 7001 (61.8% Fib), 7364 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-breaks-above-21-EMA-good-to-go-long-on-dips-1403833) has hit all targets.

Recommendation: Good to go long on dips around 6100/6200, SL: 5840, TP: 6600/ 7000.

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 147.694 (Bullish), while Hourly EUR Spot Index was at 4.0807 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

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