BTCEUR forms back-to-back shooting stars, hanging man and bearish engulfing patterns at 7224.5, 7249.5, 7252.3 and 7016.5 respectively that signal weakness, both leading and lagging oscillators substantiate these bearish sentiments (refer 2H chart).

The current price on daily plotting slides below DMAs & heading for strong supports, more dips likely on bearish EMA & MACD crossovers.

From the last recent past, Bitcoin price momentum was tainted by two major fundamental actions. The first curtailed from South Korea, one of the leading bitcoin trading hubs in the world. Financial authorities raided popular cryptocurrency exchange Upbit after executives were alleged to have been illicitly moving customer funds to their own personal accounts.

Secondarily, the latter incident of Mt. Gox, the ill-famed Japanese crypto exchange accountable for losing nearly half-a-billion in bitcoin funds in 2014. Trustees of the platform have been selling off the company’s final bitcoin stashes since September of last year, and despite acknowledging that these moves could have negative consequences on the bitcoin price, these sell-offs have continued without restraint.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -115 levels (which is highly bearish). Hourly EUR spot index was at shy above 129 (bullish) while articulating (at 08:33 GMT).

For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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