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Crypto Technicals: BTC/USD trades narrow range above 5-DMA support (8108), bias neutral

Wed, 09 Oct 2019, 05:09 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 8103 (5-DMA); Resistance: 8564 (20-DMA)

Technical Analysis: Bias Neutral

BTC/USD is struggling to extend gains, 'doji' formed on previous sessions candle suggests indecision.

The pair is trading in a sloping channel pattern and is consolidating break below 200-DMA.

Technical indicators are inconclusive. RSI is flat and well below 50 mark, while Stochs are showing a rollover from oversold levels.

Close below 5-DMA (8103) will see some weakness. Next major support lies at 7700 mark ahead of 7455 (channel base).

On the flipside, we see strong resistance at 8600 (nearly converged 200-DMA, 20-DMA and 21-EMA).

Decisive break above will see upside resumption. Major hurdles on the upside align at 9000, 9345 (55-EMA) and 9543 (50-DMA).

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