FxWirePro: BTC/EUR extends weakness below trendline support at 6350, targets 'Triangle Base' at 5650

• BTC/EUR extends weakness after break below minor trendline support at 6350, bias lower.
   
• The pair is trading in a 'Symmetric Triangle' pattern and we see scope for test of triangle base at 5650.
   
• Technical indicators are biased lower. RSI below 50 and Stochs are sharply lower. MACD is well below zero levels.
   
• Upside remains capped at 5-DMA which is immediate resistance at 6455. We see minor upside on break above. 
   
• Price action is well below 200-DMA and daily cloud and we see scope for further weakness.
   
• Break below triangle base at 5650 finds next support at 5488 (78.6% Fib retrace of 2502 to 16457 rally).

Support levels - 5650 (major trendline), 5488 (78.6% Fib retrace of 2502 to 16457 rally), 4712 (Feb 6th low)

Resistance levels - 6454 (5-DMA), 6891 (20-DMA), 7535 (trendline)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-grinds-lower-along-5-DMA-resistance-good-to-go-short-on-rallies-1223320) is progressing well. TP1 almost hit.

Recommendation: Bias lower, stay short for targets.

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