BTC/EUR extends weakness below trendline 6350, targets 5650
BTC/EUR extends weakness after break below minor trendline support at 6350, bias lower.
Technical indicators are biased lower. RSI below 50 and Stochs are sharply lower. MACD is well below zero levels.
Upside remains capped at 5-DMA which is immediate resistance at 6455. We see minor upside on break above.
Price action is well below 200-DMA and daily cloud and we see scope for further weakness.
Break below triangle base at 5650 finds next support at 5488 (78.6% Fib retrace of 2502 to 16457 rally).
Support levels - 5650 (major trendline), 5488 (78.6% Fib retrace of 2502 to 16457 rally), 4712 (Feb 6th low)
Resistance levels - 6454 (5-DMA), 6891 (20-DMA), 7535 (trendline)
Bias lower, stay short
Technical indicators are biased lower. RSI below 50 and Stochs are sharply lower. MACD is well below zero levels.
Upside remains capped at 5-DMA which is immediate resistance at 6455. We see minor upside on break above.
Price action is well below 200-DMA and daily cloud and we see scope for further weakness.
Break below triangle base at 5650 finds next support at 5488 (78.6% Fib retrace of 2502 to 16457 rally).
Support levels - 5650 (major trendline), 5488 (78.6% Fib retrace of 2502 to 16457 rally), 4712 (Feb 6th low)
Resistance levels - 6454 (5-DMA), 6891 (20-DMA), 7535 (trendline)
Bias lower, stay short
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