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Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 8547 (50-DMA); Resistance: 8889 (21-EMA)
Technical Analysis: Bias slightly bearish
BTC/USD has been confined to a narrow $50 range with 5-DMA capping upside at 8814.
The pair was trading largely muted at 8752 at 03:50 GMT after closing 0.59% lower in the previous session.
Technical studies are slightly biased to the downside. Price action is below 21-EMA and MACD shows bearish crossover on signal line.
'Death Cross' (bearish 50-DMA cross-over on 200-DMA) has still not had any major impact on price, and keeps scope for downside.
RSI is below 50 and bias is lower, momentum studies are strongly bearish. Downward sloping ADX adds to the bearish bias.
The pair finds strong support at 50-DMA (8547), break below will see further weakness. Dip till 7700 likely.
5-DMA is immediate resistance at 8814. Break above 21-EMA will see minor upside. Bearish invalidation only above 200-DMA.
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