- BTC/EUR is extending range trade around major trendline support at 5575 levels.
- Price action failed to close below strong support at 78.6% Fib at 5488. Close below required for further weakness.
- The pair is trading in a 'Symmetric Triangle' pattern and we see scope for further weakness on break below triangle base.
- Technical indicators are biased lower. RSI below 50 and Stochs are at oversold levels. MACD is well below zero levels.
- Price has broken above 5-DMA at 5617 and close above could see minor upside.
- Price action is well below 200-DMA and daily cloud. Break below 5488 (78.6% Fib retrace of 2502 to 16457 rally) could see test of 4712 (Feb 6 low).
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) has hit all targets.
Recommendation: Watch out for close below 78.6% Fib for further weakness.
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