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Crypto Technicals: Bitcoin hovers around 20-DMA, poised for upside resumption

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 8005 (21-EMA); Resistance: 9090 (May 30 high)

Technical Analysis: Bias Bullish

BTC/USD is holding marginal gains on the day, bias is turning bullish on the intraday charts.

Price action has broken above 21-EMA resistance and is currently hovering around 20-DMA.

RSI has edged above the 50 mark on the daily charts and Stochs show rollover from near oversold levels.

5-DMA has turned and the pair is also consolidating above 200 SMA and cloud on 4 hourly charts.

Major trend is bullish and GMMA indicator shows turn in the near-term moving averages. 

Scope for upside resumption on decisive break above 20-DMA. Next bull target $9000.

Strong support seen at 55-EMA at 7231. Violation there will see next support at 38.2% Fib at 6812.

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

By Anupama Grandhi
  • Market Data
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