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Crypto Technicals: Bitcoin turns bearish, dip till next major support at 55W EMA (7947) likely

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7947 (55 W EMA); Resistance: 8691 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is extending weakness for the 3rd straight session, technical bias has turned bearish.

The pair was trading at 8538 at 03:45 GMT, after closing 1.47% lower in the previous session.

Price has shown a brief dip below 50-DMA support (8554) to hit session lows at 8490.

Technical studies support more downside. Volatility is rising as shown by widening Bollinger bands. 

'Death Cross' (bearish 50-DMA cross-over on 200-DMA) and bearish MACD crossover on signal line to add to downside bias.

Dip till next major support at 55W EMA at 7947 likely. Further weakness only on break below.

5-DMA is immediate resistance at 8690. Break above 21-EMA will see minor upside. Bearish invalidation only above 200-DMA. 

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