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Crypto Technicals: BTC/USD bearish bias intact, scope for test of 38.2% Fib retracement (9765)

Mon, 01 Jul 2019, 09:32 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 10392 (21-EMA); Resistance: 11429 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is extending marginal gains on the day, trades 2.53% higher on the day at 11,017 at 09:15 GMT.

Bearish bias in the pair remains intact. Scope for further weakness on charts.

Price is consolidating below 200H SMA and hourly cloud. Potential "Death Cross" on hourly charts keeps scope for downside.

GMMA indicator on the hourly charts shows both short and long term moving averages are biased lower.

5-DMA has turned and the pair has broken below 23.6% Fib retracement. MACD is on verge of bearish crossover on signal line.

Bearish divergence on RSI and Stochs adds to the bearish bias.



Immediate support is seen at 21-EMA at 10396. Break below eyes 38.2% Fib at 9765.

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

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