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Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral

Thu, 23 May 2019, 11:28 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7110 (21-EMA); Resistance: 7882 (5-DMA)

Technical Analysis: Bias Neutral

BTC/USD extends weakness for the 4th straight session.

Price action has slipped below 5-DMA and 1H 200-SMA.

Bearish divergence on RSI and Stochs raises scope for weakness.

Major trend in the pair is still bullish. 5-DMA is still biased higher.

Price has held support at 4H cloud. Break below finds next major support at 7180 (4H 110-EMA)

Break below 21-EMA (7108) required for further downside. Bullish invalidation only below 200-DMA

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