FxWirePro: Ideal time to capture BTC/EUR dips to establish long hedges

BTCEUR has formed hammer pattern at 5,453.6 levels, that evidences upswings. Consequently, the current price spikes above DMAs and heading for next stiff resistance at 6,154.4 levels, for now, more rallies likely on bullish EMA & MACD crossovers.

In the recent past, the volume of bitcoin has remained above the $4.5 billion mark, as the daily volume of the crypto market surpassed $13 billion. Nevertheless, the volume of Ether, the native cryptocurrency of Ethereum, has hovered at around $1.5 billion, which still remains relatively low in comparison to Bitcoin.

If the volume of the crypto market can be sustained at $13 billion and potentially increase to $15 billion throughout the week, it is highly likely that Bitcoin tests key resistance levels in mid-$7,000, eyeing a move towards the $8,000 mark.

Contemplating above factors, as we could foresee upside risks, we advocate initiating longs in EURGBP futures contracts with a view to arresting further upside risks. Courtesy: ccn.com

Currency Strength Index: FxWirePro's hourly BTC spot index has flashed at 24 (bullish), while hourly EUR spot index has shown -32 (which is bearish), while hourly USD spot index has shown 13 (which is neutral), while articulating at 06:17 GMT. 

For more details on the index, please refer below weblink: 

http://www.fxwirepro.com/currencyindex