FxWirePro: BTC/EUR trades narrow range below 5-DMA, close below 5200 could see further weakness

• BTC/EUR hit 4-month lows at 4899 on June 24th trade.
   
• But the pair however, quickly recovered to close above 5200 mark.
   
• Bears have been struggling to get a close below 5200, price comatose below 5-DMA resistance.
   
• Technical studies are biased lower. We see scope for test of trendline support at 4730 ahead of 88.6% Fib at 4092.
   
• On the upside, break above 5-DMA could see test of 21-EMA at 5755. Decisive break above 21-EMA could see further upside.

Support levels - 5212 (Apr 1 low), 4730 (trendline), 4712 (Feb 6 low), 4092 (88.6% Fib)

Resistance levels - 5371 (5-DMA), 5754 (21-EMA), 6000

Call update: Our previous call (https://www.econotimes.com/FxWirePro-BTC-EUR-capped-below-21-EMA-good-to-stay-short-on-upticks-1384605) has hit TP1/2.

Recommendation: Watch out for close below 5200 level for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at -64.7945 (Neutral) at 0730 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.