- BTC/EUR is extending upside after holding major trendline support at 5575 levels.
- Price action failed to close below strong support at 78.6% Fib at 5488. We see further weakness only on close below.
- The pair is trading in a 'Symmetric Triangle' pattern and we see scope for further weakness on break below triangle base.
- Technical indicators are turning bullish. Stochs are on verge of rollover from oversold levels.
- Price has broken above 5-DMA which is now strong support at 5665. We see scope for further upside.
- Break below 5488 (78.6% Fib retrace of 2502 to 16457 rally) could see test of 4712 (Feb 6 low).
Support levels - 5665 (5-DMA), 5575 (major trendline), 5488 (78.6% Fib retrace of 2502 to 16457 rally), 4712 (Feb 6th low)
Resistance levels - 6470 (20-DMA), 7100 (trendline), 7458 (Mar 21 high)
Recommendation: Stay long on dips around 5800/5900, SL: 5450, TP: 6000/ 6400/ 7000
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