Btc/eur breaks above 110-ema, good to go long on close above 8925 (channel top)
- BTC/EUR has closed above 110-EMA on Thursday’s trade, raises scope for further upside.
- The pair is extending trade in a downward sloping channel and is currently hovering around channel top.
- Technical indicators are turning slightly bullish. Breakout at channel top will see further upside.
- The pair is currently range bound for the day, hitting a day’s high of 9099 and a low of 8819.
- Price action has entered into daily cloud and RSI has edged above 50 levels.
- Breakout at channel top could see upside till 61.8% Fib at 11970. While on the downside retrace below 20-DMA could see test of 200-DMA at 7279.
Support levels – 8628 (5-DMA), 8604 (110-EMA), 8294 (21-EMA), 7483 (23.6% Fib retrace of 4712 to 16457 rally)
Resistance levels – 8925 (channel top), 9198 (38.2% Fib), 10000
Recommendation: Watch out for decisive close above channel top to go long, target 9200/ 10000.