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Crypto Technicals: BTC/USD finds strong support at 55W EMA (7952), consolidation likely before next leg lower

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7952 (55W EMA); Resistance: 8347 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD consolidates previous session's slump, technical bias remains bearish. 

The pair was trading 0.60% lower at 8120 at 04:30 GMT after closing 3.90% lower in the previous session.

Technical studies support downside. Volatility is rising, momentum strongly bearish, RSI is well below 50 mark.

'Death Cross' (bearish 50-DMA cross-over on 200-DMA) and bearish MACD crossover on signal line add to bearish bias. 

Oscillators are at oversold levels raising scope for some consolidation before the next leg lower. 

The pair is extending break below 50-DMA, dip till 55W EMA at 7964 likely. Further weakness only on break below.

5-DMA is immediate resistance at 8347. Retrace above 50-DMA (8563) will see minor upside.

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