BTC/EUR eyes 5480, stay short on upticks
Updated
BTC/EUR consolidates break below major trendline support at 5920, bias lower.
The pair has hit fresh 2-month lows at 5635, before paring some losses to currently trade at 5770 levels.
Technical indicators are biased lower. Price action is below major moving averages and major EMAs are biased lower.
Momentum indicators are bearish and -ve DMI dominance adds to bearish bias.
Next bear target lies at 78.6% Fib at 5480. Breach there could see test of 5212.
On the flipside, 21-EMA is immedaite major resistance. Any upside only on break above.
Support levels - 5480 (78.6% Fib), 5212 (Apr 1 low), 5000
Resistance levels - 6083 (61.8% Fib), 6177 (5-DMA), 6438 (21-EMA)
Good to stay short on upticks around 5800/ 5900, SL: 6450, TP: 5480/ 5220/ 5000
The pair has hit fresh 2-month lows at 5635, before paring some losses to currently trade at 5770 levels.
Technical indicators are biased lower. Price action is below major moving averages and major EMAs are biased lower.
Momentum indicators are bearish and -ve DMI dominance adds to bearish bias.
Next bear target lies at 78.6% Fib at 5480. Breach there could see test of 5212.
On the flipside, 21-EMA is immedaite major resistance. Any upside only on break above.
Support levels - 5480 (78.6% Fib), 5212 (Apr 1 low), 5000
Resistance levels - 6083 (61.8% Fib), 6177 (5-DMA), 6438 (21-EMA)
Good to stay short on upticks around 5800/ 5900, SL: 6450, TP: 5480/ 5220/ 5000
Note
TP 1 hit. Bias lower. Book partial profits. Trail SL to 5820. Hold for further downside.
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