FxWirePro: BTC/EUR consolidates break below major trendline support at 5920, next bear target at 78.6% Fib

• BTC/EUR consolidates break below major trendline support at 5920, bias lower.
   
• The pair has hit fresh 2-month lows at 5635, before paring some losses to currently trade at 5770 levels.
   
• Technical indicators are biased lower. Price action is below major moving averages and major EMAs are biased lower.
   
• Momentum indicators are bearish and -ve DMI dominance adds to bearish bias.
   
• Next bear target lies at 78.6% Fib at 5480. Breach there could see test of 5212.
   
• On the flipside, 21-EMA is immediate major resistance. Any upside only on break above.

Support levels - 5480 (78.6% Fib), 5212 (Apr 1 low), 5000

Resistance levels - 6083 (61.8% Fib), 6177 (5-DMA), 6438 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-rejected-at-21-EMA-breaks-below-618-Fib-bias-lower-1350135) has hit all targets.

Recommendation: Good to go short on upticks around 5800/ 5900, SL: 6450, TP: 5480/ 5220/ 5000.

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