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BTC/USD chart - Trading View
Exchange - Coinbase
Support: 7327 (50-DMA); Resistance: 8001 (110-EMA)
Technical Analysis: Bias turning slightly bullish
BTC/USD is extending gains on the day after weekend consolidation.
The pair was up 2.58% at around 7545 at 04:00 GMT, bias is turning slightly bullish.
Price action is pivotal at 55-EMA resistance at 7543, decisive break above could buoy near-term bulls.
Upside finds lot of hurdles - shrinking volatility, cloud resistance and lack of support from MACD or ADX.
That said, the 'Bullish Engulfing' formed on Friday's candle and rising RSI and Stochs keep scope for gains.
Breakout at 55-EMA will target 110-EMA resistance at 8001 ahead of 50% Fib at 8498.
Failure at 55-EMA and retrace below 21-EMA (7282) negates any bullish bias.
