- BTC/EUR extends weakness below 200-DMA, scope for further downside.
- Price action has retraced channel breakout and price has slipped below major EMAs on intraday charts.
- The pair has broken below daily cloud and momentum studies are heavily bearish.
- Next major support on the daily charts lies at 78.6% Fib retrace of 2502 to 16457 rally at 5488.
- Violation there could see test of 4712 (Feb 6th lows) and further weakness will see test of channel base.
- On the flipside, breakout above 200-DMA and channel top at 7558 could see bearish invalidation.
Support levels - 6000, 5488 (78.6% Fib retrace of 2502 to 16457 rally), 5000, 4712 (Feb 6th lows)
Resistance levels - 7105 (5-DMA), 7558 (200-DMA), 7832 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-fails-to-extend-channel-breakout-eyes-200-DMA-at-7434-1190891) has hit TP3.
Recommendation: Book partial profits at lows, trail SL to 7600, stay short for 6000/ 5500/ 5000.
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