Crypto Technicals: BTC/USD fails to break above 200-DMA, bias turns bearish

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7525 (channel base); Resistance: 8185 (200H SMA)

Technical Analysis: Bias Bearish

BTC/USD has resumed weakness after the pair failed to break past stiff resistance at 200-DMA.

The pair was trading 1.90% lower on the day at 8085 at 04:15 GMT, bias bearish.

Major trend has been bearish as confirmed by the GMMA indicator. Minor trend has also shifted to bearish after rejection at 200-DMA.

Price action has slipped below 200H SMA and volatility is rising on the intraday charts.

The pair grinds lower in slopping channel pattern and we see scope for test of channel base at 7252.

5-DMA is immediate resistance at 8266. Breakout above will see minor upside. Bearish invalidation only above 200-DMA.

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