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Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside

Thu, 20 Feb 2020, 05:00 am UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bearish

Overbought/ Oversold Index: Neutral, biased lower

Volatility: High

Support: 9386 (4H 200 MA); Resistance: 9702 (21-EMA)

BTC/USD was trading range-bound on the day at 9563 at around 04:50 GMT.

The pair slumped overnight, tanking over 5.75% amid bloodbath across crypto-markets.

Indicators have turned slightly bearish, with short-term MAs in the GMMA now biased South.

Price action has closed below 21-EMA support raising scope for further weakness. Next major support lies at 4H 200 MA at 9386.

Major trend remains bullish and a 'Golden Cross' formation on the daily charts is likely to keep downside limited.

Break below 4H 200 MA to see further downside. Breach at 200-DMA negates near-term bullish bias.

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