FxWirePro: BTC/EUR breaks below daily cloud, eyes 100-DMA at 8933, good to short rallies

• BTC/EUR has shown a decisive break below daily Ichimoku cloud, bias lower.
   
• Momentum studies are bearish, Stochs are sharply lower. But are approaching oversold levels so caution advised.
   
• RSI weak below 50 levels and biased lower with room for further downside.
   
• We see -ve DMI dominance, ADX is rising which supports current downtrend.
   
• We see scope for test of 100-DMA at 8934 levels. Violation there could see further weakness.
   
• On the flipside, breakout at 20-DMA at 11989 invalidates bearish bias.

Support levels - 8929 (100-DMA), 7244 (78.6% Fib retrace of 4736 to 164557 rally), 5979 (200-DMA)

Resistance levels - 11020 (5-DMA), 12000 (20-DMA), 13670 (Dec 27 high)

Recommendation: Good to go short on rallies around 10000/10200, SL: 11000, TP: 9200/ 8900/ 7250

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