FxWirePro: BTC/EUR breaks below 200-DMA, bias lower, stay short

• BTC/EUR extending weakness for 4th consecutive session, bias lower.
   
• The pair has retraced channel breakout and price has slipped below 200-DMA.
   
• Technical studies are bearish and we see scope for further downside.
   
• RSI has slipped below 50 levels, momentum studies are bearish, MACD is showing a bearish crossover.
   
• Decisive break below strong support at 200-DMA will raise scope for further weakness.
   
• Below 200-DMA next major supports align at 6000 levels and then 4712 (Feb 6 low).
   
• On the upside, breakout above channel top (8225) could see minor upside.

Support levels - 6000 (Feb 2 low), 5488 (78.6% Fib), 4712 (Feb 6 low)

Resistance levels - 7450 (200-DMA), 7483 (23.6% Fib), 8225 (channel top)

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 TP1/2.

Recommendation: Bias lower. Trail SL to 8100, stay short for further downside.

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