• FxWirePro: btc/eur pauses shy of stiff resistance at 6650, break above targets 200-dma

    Source: FxWire Pro - Digital Currency / 23 Jul 2018 06:47:18   America/New_York

    • BTC/EUR extends gains above 5-DMA, has shown a clear break above 110-EMA.
       
    • Upside has has paused shy of stiff trendline resistance at 6650, break above to see further gains.
       
    • Price action has broken above daily cloud top and breakout at trendline to see gains till 200-DMA.
       
    • Momentum is with the bulls. Stochs and RSI sharply higher. MACD supports trend and we see +ve DMI dominance.
       
    • We see weakness only on retrace below 110-EMA. Drag till 5940 (55-EMA) then likely.

    Support levels - 6373 (5-DMA), 6344 (110-EMA), 5969 (55-EMA)

    Resistance levels - 6650 (trendline), 7221 (200-DMA), 7483 (23.6% Fib)

    Recommendation: Good to go long on breakout at trendline, SL: 6470/ TP: 7000/ 7220/ 7480

    FxWirePro Currency Strength Index: FxWirePro's Hourly BTC Spot Index was at 98.597 (Bullish), while Hourly EUR Spot Index was at -74.2754 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

Share on