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BTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Neutral
GMMA Indicator: Major Trend - Bearish; Minor Trend - Neutral
Overbought/ Oversold Index: Oversold, on verge of rollback into neutral
Support: 7602 (55-EMA); Resistance: 8007 (110-EMA)
BTC/USD is extending weakness for the 2nd straight session after spinning top formation on the previous day's candle.
The pair was trading 1.39% lower at 7934 at around 06:30 GMT, after closing 1.39% lower in the previous session.
Price action has retraced below 110-EMA (8007) and is currently hovering above 5-DMA support (7852).
Oscillators are at overbought territory on verge of rollback into neutral. Bearish RSI and Stochastics divergence on the hourly charts raises scope for near-term weakness.
Major trend is bearish. 55-EMA is strong support at 7602. Break below will see resumption of weakness.
