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Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 9854 (55-EMA); Resistance: 11071 (21-EMA)

Technical Analysis: Bias Bearish

BTC/USD has edged higher from 13-day lows at 9857 and is currently trading at 10376 at 10:00 GMT.

The pair is showing scope for a potential 'hammer' formation on the daily charts raising scope for upside.

That said, price action has slipped below strong support at 21-EMA and technical indicators have turned bearish.

5-DMA is sharply lower and volatility is rising. Stochs and RSI are biased lower and RSI is well below 50, indicating strength in current downtrend.

Break below 55-EMA will see further weakness. Dip till 110-EMA at 8338 and then cloud top at 8519 likely.

Break below cloud will see further downside. Retrace above 21-EMA negates near-term bearish bias.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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