Bitcoin Bulls Jump & Sustain Above 100-DMAs And Reclaims $8.5k, FxWirePro Long Hedges On Track Of Delivering Desired Outcome
Crypto Technicals: BTC/USD recovery lacks traction, finds stiff resistance at 55-EMA (10413)
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 9702 (100-DMA); Resistance: 10408 (55-EMA)
Technical Analysis: Bias Bearish
BTC/USD recovery from 2-week lows has paused at 55-EMA which is offering stiff resistance.
Technical indicators are still bearish for the pair, scope for resumption of weakness.
RSI is below 50 mark and Stochs are still biased lower. Bearish MACD crossover on signal line and ADX support weakness.
Price action is below cloud and bearish 5-DMA crossover on 20-DMA adds to the bearish bias.
We see scope for retest of trendline support at 9820. Breach below will see further downside.
On the flipside, breakout above 55-EMA will see test of 21-EMA (10795). Breakout above will see further upside.
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