- BTC/EUR is extending grind higher along 100-DMA support at 9463 levels.
- The pair has broken above 5-DMA at 9831 to hit session highs at 9870 before paring some gains to currently trade at 9778 levels.
- Close above 5-DMA could see further upside. Scope then for test of 20-DMA at 11523.
- Price action is extending consolidation phase after break below daily Ichimoku cloud, bias lower.
- Momentum studies are bearish. RSI weak below 50 levels and biased lower with room for further downside. We see -ve DMI dominance.
- Break below 100-DMA is required for further weakness. Scope then for test of next major support at 78.6% Fib at 7244.
- On the flipside, breakout above 20-DMA invalidates bearish bias.
Support levels - 9462 (100-DMA), 7244 (78.6% Fib retrace of 4736 to 164557 rally), 6316 (200-DMA)
Resistance levels - 9815 (5-DMA), 10000, 10837 (cloud base), 11520 (20-DMA)
Recommendation: Watch out for close above 5-DMA to go long, target 10000/ 10830/ 11000.
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