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Crypto Technicals: BTC/USD confined to narrow range, trades below 5-DMA (8132)

Friday, October 18, 2019 4:58 AM UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7765 (55W EMA); Resistance: 8394 (21-EMA)

Technical Analysis: Bias Bearish

BTC/USD is trading in extremely tight range as we head into the European session.

The pair made session high at 8117 and low at 8055 and was trading at 8075 at 04:50 GMT.

Price action below 5-DMA, technical studies are biased lower, no major signs of reversal.

55W EMA offers strong support at 7765. Break below is required for further downside.

Next major support aligns at 7231 (61.8% Fib) ahead of 6825 (channel base).

Break above 5-DMA finds next major resistance at 21-EMA at 8394. Bearish invalidation only above 200-DMA.

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Crypto Technicals: BTC/USD confined to narrow range, trades below 5-DMA (8132)

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