Cryptocurrency Derivatives Series: Bitcoin Reclaims $10k, Uphold Long Hedges As CME Data And Engulfing Pattern Indicate Uptrend Continuation
FxWirePro: EUR/USD Triple Bottom Pattern Intensifies Renewed Bullishness, Major Downtrend Still Intact – Trading & Hedging Setup
Digital Currency Revolutions Series: Swiss Banks Fetch Approval Of FINMA To Launch Crypto-Trading & Custodian Functions
Digital Currency Revolution Series: Goldman Sachs Exhibits Reluctance In Bitcoin For Asset Portfolio
Crypto-Technicals: Bitcoin Bulls Shrug-Off Double Top As May’20 Extends 3-Months’ Rallies – Uphold Long Hedges
Crypto Technicals: BTC/USD finds major support at 55W EMA (7762), break below to plummet prices
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 7762 (55W EMA); Resistance: 8229 (20-DMA)
Technical Analysis: Bias Bearish
BTC/USD is trading in a narrow range as we head into the European session.
The pair closed 2.07% lower on Wednesday's trade and technical studies still support weakness.
Major support is seen at 55W EMA (currently at 7762). The pair has held above for the past 3 weeks.
Momentum with the bears. Break below 55W EMA will accentuate weakness.
Next major support aligns at 61.8% Fib at 7231 ahead of channel base at 6855.
On the flipside, 5-DMA is immediate resistance at 8152. Retrace above 20-DMA (8229) could see further upside.