BTC/EUR has shown a decisive break below daily Ichimoku cloud, bias lower. Momentum studies are bearish, Stoch are sharply lower. But are approaching oversold levels so caution advised. RSI weak below 50 levels and biased lower with room for further downside. We see -ve DMI dominance, ADX is rising which supports current downtrend. We see scope for test of 100-DMA at 8934 levels. Violation there could see further weakness. On the flipside, breakout at 20-DMA at 11989 invalidates bearish bias.
Support levels - 8929 (100-DMA), 7244 (78.6% Fib retrace of 4736 to 164557 rally), 5979 (200-DMA) Resistance levels - 11020 (5-DMA), 12000 (20-DMA), 13670 (Dec 27 high)
Good to go short on rallies around 10200/10500, SL: 11200, TP: 9200/ 8900/ 7250