FxWirePro: BTC/EUR capped below 21-EMA, good to stay short on upticks

• BTC/EUR resumes downside after range trade for a couple of sessions.
   
• The pair is down 5.47% on the day at the time of writing with scope for further downside.
   
• Momentum studies have turned bearish and we see -ve DMI dominance.
   
• Price action remains well below major moving averages and daily cloud.
   
• The pair hovers around 78.6% Fib. Break below finds next major support at 5225 (trendline) ahead of 88.6% Fib at 4092.
   
• On the flipside, 21-EMA is strong resistance. Break above could see upside till cloud base.
   
• Breakout at daily cloud could invalidate the bearish bias.

Support levels - 5225 (trendline), 5000, 4092 (88.6% Fib)

Resistance levels - 5738 (5-DMA), 5934 (21-EMA), 6000

Recommendation: Good to go short on upticks, SL: 5935, TP: 5225/ 5000/ 4720

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -34.7171 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.