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Crypto Technicals: BTC/USD pauses at 23.6% Fib, upside intact as long as pair holds above 110-EMA (8013)

Mon, 13 Jan 2020, 06:28 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Neutral

Support: 8013 (110-EMA); Resistance: 8346 (20W MA)

BTC/USD has paused upside at 23.6% Fib (8185), scope for upside resumption.

The pair was trading 0.99% lower on the day at 8100 at around 06:00 GMT, after closing 2.01% higher in the previous session.

Momentum remains bullish, RSI holds above 50 mark and Stochs are also biased higher.

GMMA shows shift in near-term bias with short-term MAs breaking above the longer-term MAs.

The constriction in the long-term moving averages suggests that the long-term trend for the pair is also on verge of shift higher.

The pair holds support at 5-DMA at 8061. Break below finds next major support at 110-EMA at 8013.

Retrace below 110-EMA could see weakness till 21-EMA at 7680. Breach at 21-EMA negates bullish bias.

Resumption of upside finds major resistance at 8600 (Falling trendline). Breakout buoys near-term bulls. Next bull target lies at 38.2% Fib at 9271.

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