- BTC/EUR is extending trade in a downward sloping channel.
- The pair is currently range bound for the day, hitting a day's high of 8720 and a low of 8364.
- Price action hovers around 110-EMA and is struggling to break out of channel top resistance at 9010.
- RSI is flat to slightly bullish, while Stochs and MACD show neutral bias.
- Daily cloud at 8582 also offers stiff resistance on the upside. While downside finds strong support at 200-DMA at 7252.
- Breakout at channel top could see upside till 61.8% Fib at 11970.
Support levels - 8390 (5-DMA), 8091 (20-DMA), 7483 (23.6% Fib retrace of 4712 to 16457 rally)
Resistance levels - 9010 (channel top), 9198 (38.2% Fib), 10000
Recommendation: We prefer to wait for clear directional bias.
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