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Crypto Technicals: BTC/USD finds major support at 55W EMA (7762), break below to plummet prices
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 7762 (55W EMA); Resistance: 8229 (20-DMA)
Technical Analysis: Bias Bearish
BTC/USD is trading in a narrow range as we head into the European session.
The pair closed 2.07% lower on Wednesday's trade and technical studies still support weakness.
Major support is seen at 55W EMA (currently at 7762). The pair has held above for the past 3 weeks.
Momentum with the bears. Break below 55W EMA will accentuate weakness.
Next major support aligns at 61.8% Fib at 7231 ahead of channel base at 6855.
On the flipside, 5-DMA is immediate resistance at 8152. Retrace above 20-DMA (8229) could see further upside.