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Crypto Technicals: BTC/USD extends correction, eyes 5700 on break below 21-EMA support

Fri, 17 May 2019, 10:18 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6588 (21-EMA); Resistance: 8488 (Jul 24 high)

Technical Analysis: Bias Neutral

BTC/USD is extending weakness for the 2nd straight session.

The pair is currently holding support at 21-EMA, break below will accentuate weakness.

Major trend is definitely bullish, with no major indication of reversal.

But oscillators are at overbought levels, and volatility on the intraday charts is shrinking, scope for correction.

RSI is on verge of rollover from overbought levels, bearish divergence on RSI and Stochs adds to the downside bias.

Break below 21-EMA could see weakness till 5700 (trendline support)

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

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  • Bitcoin (BTC) $10,697.10 (-1.59%)
  • Ethereum (ETH) $194.64 (-3.16%)
  • XRP (XRP) $0.273400 (-2.45%)
  • Bitcoin Cash (BCH) $314.14 (-2.72%)
  • Litecoin (LTC) $75.30 (-1.77%)
  • Bitcoin (BTC) $10,697.10 (-1.59%)
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