- BTC/EUR is extending weakness below daily cloud, bias bearish.
- Upside remains capped at 5-DMA and we see minor upside only on close above.
- Momentum and trend indicators support downside in the pair. We see -ve DMI dominance which adds to the bearish bias.
- The pair is on track to test major trendline support at 5775. Violation there could see further weakness.
- On the upside, break above 5-DMA could see test of cloud base at 6633. Break into daily cloud then eyes 21-EMA at 6831.
Support levels - 6000, 5775 (trendline), 5488 (78.6% Fib), 5212 (Apr 1 low)
Resistance levels - 6334 (5-DMA), 6633 (cloud base), 6700, 6831 (21-EMA)
Recommendation: Good to go short on upticks around 6250/6300, SL: 6550, TP: 6000/ 5775
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