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Crypto Technicals: Bitcoin retraces from multi-week highs, Doji on weekly candle raises scope for downside

BTC/USD chart - Trading View 

Exchange - Bitfinex

Resistance
: 5370 (55W EMA); Support: 4617 (200-DMA)

Technical Analysis: Bias Slightly Bearish

- BTC/USD struggling to hold above 5000 mark
- Doji formation on previous week's candle raises scope for downside
- Stochs and RSI on the daily charts have rolled over from overbought levels
- MACD is on verge of a bearish crossover on signal line
- Recovery on daily charts capped at 5-DMA, decisive break above could see some upside
- Rejection at 5-DMA will see dip till 4871 (21-EMA). Further weakness eyes 200-DMA at 4617

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

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