Crypto Technicals: BTC/USD extends consolidation above 55W EMA (7951), bias bearish

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7951 (55W EMA); Resistance: 8194 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is extending consolidation for the 3rd consecutive session, holds above 55W EMA support at 7951.

The pair was trading 0.10% lower at 8090 at 04:15 GMT after closing 0.50% lower in the previous session.

Technical studies are still bearish and break below 55W EMA is required for further weakness.

Volatility is rising, momentum strongly bearish, RSI is well below 50 mark. 'Death Cross' and bearish MACD crossover on signal line add to bearish bias. 

Oscillators are at oversold levels, but no major signs of reversal seen. Price action is showing a gradual move away from Lower BB.

5-DMA is immediate resistance at 8192. Break above to see gains till 21-EMA at 8567. Resumption of weakness only below 55W EMA.