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Crypto Technicals: BTC/USD slips below 61.8% Fib, more weakness on charts

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6979 (Lower BB); Resistance: 7350 (20-DMA)

Technical Analysis: Bias bearish

BTC/USD has resumed weakness after rejection at 21-EMA, scope for test of new multi-month lows.

The pair was consolidating previous session's losses, trading at 7210 at 04:45 GMT, after closing 1.61% lower in the previous session.

Price action is extending weakness below 200H MA, eyes immediate support at lower BB at 6979.

Major and minor trend are clearly bearish. Volatility is now rising and bearish technical setup is likely to drive prices lower.

Major support lies at channel base at 5960. Violation there will see dip till 78.6% Fib at 5427.

20-DMA is immediate resistance at 7350. Break above 21-EMA at 7532 required for near-term gains.

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