- BTC/EUR is extending consolidation of break above channel top, bias higher.
- The pair trades with bullish momentum which keeps scope for further upside.
- Price action is above major EMAs and is extending gradual grind along 5-DMA support.
- Technical indicators are bullish. RSI is now above 50 levels and room for further upside.
- Price action has entered into daily cloud and MACD has risen above zero levels.
- Breakout at channel top raises scope for upside till 61.8% Fib at 11970.
- While on the downside retrace below 21-EMA could see test of 200-DMA at 7365.
Support levels - 9142 (5-DMA), 8644 (110-EMA), 8556 (21-EMA), 7483 (23.6% Fib retrace of 4712 to 16457 rally)
Resistance levels - 10000, 10435 (cloud base), 10584 (50% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-breaks-above-110-EMA-good-to-go-long-on-close-above-8925-channel-top-1180372) has hit TP1.
Recommendation: Bias higher, stay long for 10000/ 10400.
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