- BTC/EUR fails at 200-DMA, slips 2.78% lower on the day at 6779.
- Technical indicators are turning bearish.
- RSI has retraced from overbought levels and stochs are on verge of rollover.
- We also find bearish divergence on Stochs which adds to the bearish bias.
- Scope for test of 21-EMA at 6492. Violation there could see further weakness.
- On the flipside, we see further gains only above 200-DMA.
Support levels - 6490 (21-EMA), 6445 (100-DMA), 6224 (55-EMA)
Resistance levels - 6979 (5-DMA), 6996 (200-DMA), 7250 (July 24 high)
Recommendation: Stay short on upticks 6800/6900, SL: 7000, TP: 6500/ 6250
FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -172.201 (Bearish), while Hourly EUR Spot Index was at 124.482 (Bullish) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
