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Crypto Technicals: BTC/USD breaks below 20-DMA, momentum studies bearish
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 7762 (Oct 7 low); Resistance: 8249 (20-DMA)
Technical Analysis: Bias turning bearish
BTC/USD has slipped below 20-DMA, intraday bias is turning bearish.
The pair was trading in an extremely tight range in the Asian session.
Technical indicators have turned slightly bearish. Stochs are sharply lower and RSI is below 50, bias lower.
Price action has been extending grind lower in a sloping channel pattern and failure at 20-DMA has raised scope for weakness.
Stochastics RSI is on verge of rollover from oversold levels. Dip till 61.8% Fib at 7231 likely.
That said, volatility is low, which could limit drastic moves on either sides.
20-DMA is now resistance at 8249. Break above 200-DMA required for bearish invalidation.