FxWirePro: BTC/EUR downside capped by 7-day MA, good to buy on dips
BTC/EUR is seen trading slightly above on Monday and the pair has broken major resistance at 61.8% fibo and jumped till 968 level (COINBASE).It is currently trading around 946.30 at the time of writing. Ichimoku analysis…
BTC/EUR is seen trading slightly above on Monday and the pair has broken major resistance at 61.8% fibo and jumped till 968 level (COINBASE).It is currently trading around 946.30 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 911
Kijun-Sen level: 831
Major reversal level -800 (89- day EMA)
Long-term trend remains to be bullish. The pair has shown some profit booking for the higher levels and taken support near 7 days MA (925) Any minor weakness can be seen only below that level.
Major resistance is around 970 and any break above will take the pair to next level till 1000/1028 (161.8% retracement of 900 and 694.78). Short term support is seen at 924 (7 - day MA) and any break below will drag the pair till 905 (10- day MA)/875 (30-day EMA).
Some contracts allow up to 200 times leverage; a move of about 0.66% against a 150-times leveraged stock-index position could trigger liquidation of the full investment.
