- BTC/EUR is trading in a 'Symmetric Triangle' pattern and price action is currently holding strong support at 5300 (Triangle Base).
- The pair is trading with a major bearish bias and we see scope for further weakness on break below triangle base.
- Price has slipped below strong support at 78.6% Fib at 5488 and close below will add the bearish bias.
- Next major support below channel base lies at 4712 (Feb 6th low) ahead of 4092 (88.6% Fib).
- On the flipside, we see immediate resistance at 21-EMA at 6230. Break above to see minor upside.
Support levels - 5300 (major trendline), 4712 (Feb 6th low), 4092 (88.6% Fib)
Resistance levels - 5643 (5-DMA), 6230 (21-EMA), 6825 (trendline)
Recommendation: Watch out for break below 5300 to go short, SL: 5800, TP: 5000/ 4720/ 4100.
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