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Crypto Technicals: BTC/USD hovers around $8000 mark, poised for upside resumption

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7764 (5-DMA); Resistance: 9532 (38.2% Fib)

Technical Analysis: Bias Bullish

BTC/USD trades in a narrow range on the day, bias remains bullish.

Price action is consolidating around $8000 mark, no major signs of reversal yet.

Stochastics RSI has approached oversold levels and RSI is holding above 60 level.

Turn in RSI along supported with rise in 5-DMA will see resumption of upside.

Break below 5-DMA finds next immediate support at 21-EMA at 7000.

Next bull target above 8000 lies at 9532 (38.2% Fib) ahead of 10,000 mark.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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