BTC/EUR has extended downside after decisive break below major trendline support. The pair has shown a breach at major support at 200-DMA, currently at 6626. Technical studies are biased lower. We see -ve DMI dominance which supports further downside. RSI and Stochs sharply lower, momentum heavily bearish. 5-DMA is sharply lower and Bollinger Bands are widening. Close below 200-DMA will see major wekaness in the pair. Scope then for test of 78.6% Fib retrace at 5488. On the flipside, 5-DMA at 6897 is immediate resistance, close above could see minor upside till 20-DMA. Bullish invalidation likely on decisive break above 20-DMA.
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