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Crypto Technicals: BTC/USD capped at $8500 mark, bias remains bearish
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 7964 (55W EMA); Resistance: 8573 (50-DMA)
Technical Analysis: Bias Bearish
BTC/USD is consolidating break below 50-DMA, upside capped below $8500 mark, bias bearish.
The pair was trading at 8477 at 04:00 GMT, down 0.27% at the time of writing, after closing at $8500 in the previous session.
The pair has failed to extend recovery attempts over the weekend, upside lacks traction.
Successive 'Spinning Top' and 'Doji' formations on the daily candles shows selling pressure at highs.
Upside remains capped at 5-DMA (8508) and volatility is rising, scope for downside resumption.
Technical studies also support downside. Dip till 55W EMA at 7964 likely. Further weakness only on break below.
On the flipside, break above 5-DMA will see next resistance at 21-EMA at 8751. Bearish invalidation only above 200-DMA.
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