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Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7231 (61.8% Fib); Resistance: 7421 (200H MA)

Technical Analysis: Bias Bearish

BTC/USD has been trading rangebound in the Asian session, intraday bias remains neutral.

The pair was trading largely muted at 7364 at 04:15 GMT, after closing 2.70% higher in the previous session.

Major trend in the pair is bearish as shown by the GMMA indicator. Recovery attempts were capped at 21-EMA resistance (currently at 7632).

Technical indicators on the intraday charts are neutral to slightly bullish. Pair is holding above 5-DMA support (7312).

However, 200-DMA is stiff resistance at 7421. Price action is struggling to break above. Test of 21-EMA likely on successful breakout.

Major trend in the pair is bearish, Break above 21-EMA could see shift in near-term dynamics. 
 

By Anupama Grandhi
  • Market Data
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