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Investing

Crypto Technicals: BTC/USD tests 110-EMA, 'Symmetric Triangle' breach raises scope for downside

Thu, 29 Aug 2019, 04:31 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 9525 (110-EMA); Resistance: 9,999 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD extends previous session's weakness, trades 1.18% lower on the day at 9589 at 04:20 GMT.

The pair has shown a breach of 'Symmetric Triangle' pattern raising scope for downside.

Price action has slipped below 38.2% Fib. Technical indicators on the intraday charts are biased lower.

110-EMA is strong support (9525), break below eyes next major support at 9108 (28th July low).

5-DMA is immediate resistance at 9999. Breakout above cloud required for bearish invalidation.

TokenPost | [email protected]

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

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Comment tips

Great article. Requesting a follow-up. Excellent analysis.

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Comment tips

Great article. Requesting a follow-up. Excellent analysis.
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