- BTC/EUR has edged higher from 2-week lows at 5215 hit overnight.
- The pair is currently trading at 5366, largely muted on the day.
- We do not see any change in the bearish bias for the pair. Upside is capped below immediate resistance at -DMA.
- The pair extends trade in slopping channel pattern and upside has been rejected at channel top.
- Stochs and RSI support weakness in the pair. -ve DMI dominance adds to the bearish bias.
- Downside targets lower Bollinger Band at 5080. Break below will see next major support at 4940 (trendline).
- On the flipside, breakout at 21-EMA and then channel top will negate bearish bias.
Support levels - 5212 (Apr 1 low), 5095 (lower BB), 4970 (June 29 low), 4940 (trendline)
Resistance levels - 5545 (nearly converged 5-DMA & 21-EMA), 5625 (channel top), 5812 (50-DMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-rejected-at-channel-top-dip-till-5080-likely-1402215) has hit TP1.
Recommendation: Book partial profits at lows. Hold for further weakness.
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -129.973 (Bearish), while Hourly EUR Spot Index was at -15.1924 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
