Bitcoin Bulls Jump & Sustain Above 100-DMAs And Reclaims $8.5k, FxWirePro Long Hedges On Track Of Delivering Desired Outcome
Crypto Technicals: ETH/USD finds stiff resistance at 150.25 (trendline), breakout eyes 110-EMA at 157.80
Crypto Technicals: BTC/USD correction likely to be shallow, watch out for break above 200-DMA for bullish continuation
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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