- BTC/EUR downside paused at 5500 levels on Tuesday's trade.
- The pair has held above 78.6% Fib support at 5480, we see resumption of weakness on break below.
- Some consolidates likely at current levels, but bias largely bearish.
- Upside remains capped below 6000 handle and 5-DMA at 5839 is immediate resistance.
- Technical indicators are biased lower. Price action is below major moving averages and major EMAs are biased lower.
- Momentum indicators are bearish and -ve DMI dominance adds to bearish bias.
- Next bear target below 78.6% Fib at 5480 lies at 5212 (April 1 low). Breach there could see test of 5000 levels.
- On the flipside, 5-DMA is immediate resistance at 5839. Break above could see test of 21-EMA at 6300.
Support levels - 5480 (78.6% Fib), 5212 (Apr 1 low), 5000
Resistance levels - 5839 (5-DMA), 6083 (61.8% Fib), 6300 (21-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-trades-rangebound-below-6000-handle-bias-lower-stay-short-1362679) is progressing well.
Recommendation: Stay short for targets.
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