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Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
Crypto Technicals: BTC/USD correction likely to be shallow, watch out for break above 200-DMA for bullish continuation
BTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bullish
GMMA Indicator: Major Trend - Turning slightly bullish; Minor Trend - Bullish
Overbought/ Oversold Index: Overbought
Support: 8508 (5-DMA); Resistance: 9074 (200-DMA)
BTC/USD is showing a minor correction as oscillators correct from overbought levels.
The pair was trading 2.00% lower at 8633 at around 03:45 GMT, after closing largely muted with a dragonfly Doji formation in the previous session.
Technical studies are strongly bullish. Correction may not be deep as the pair finds strong support at 8200-8000 zone.
Price action has broken above 20W MA and break above 200-DMA (9074) will see bullish continuation.
200-DMA breakout raises scope for test of 11026 (61.8% Fib). Breach below 8000 could change near-term dynamics.