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- BTC/EUR trades 5.30% lower on the day as crypto markets saw bloodbath on Thursday's trade.
- Major crypto pairs have seen a sharp drop after a prolonged period of sideways trade.
- Today's drop has likely kick-started a bearish move in the pair.
- Technical studies on the daily charts have turned bearish. Stochs and RSI have fallen sharply.
- Price action has broken down the lower Bollinber Band and we see volatility is rising.
- The pair is trading in a 'Symmetric Triangle' pattern and finds strong support at triangle base at 5355.
- Break below 5355 raises scope for test of 5000 levels. Bearish invalidation only on break above Triangle top.
Recommendation: Good to stay short on break below 5355, SL: 5500, target 5000
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
