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Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)

Fri, 24 Jan 2020, 03:59 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bearish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bearish

Overbought/ Oversold Index: Neutral, Oscillators biased lower

Volatility: Shrinking

Support: 8134 (110-EMA); Resistance: 8360 (20-DMA)

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

The pair was trading 0.68% lower on the day at 8326 at around 03:50 GMT, after closing 3.18% lower in the previous session.

Upside was rejected at 200-DMA and technical indicators have turned bearish. Stochs and RSI are biased lower.

MACD shows bearish crossover on signal line and the 'Death Cross' on the hourly charts weighs.

Price action has trimmed losses and is currently hovering around 21-EMA and channel top support at 8300.

Decisive break below 21-EMA and retrace into slopping channel will drag prices lower. Next major support lies at 110-EMA at 8134 ahead of 55-EMA at 7999.

On the flipside, 5-DMA is immediate resistance at 8534. Bullish continuation only above 200-DMA.

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