Crypto Technicals: BTC/USD trades narrow range above 5-DMA support (8108), bias neutral
Wed, 09 Oct 2019, 05:09 am UTC
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 8103 (5-DMA); Resistance: 8564 (20-DMA)
Technical Analysis: Bias Neutral
BTC/USD is struggling to extend gains, 'doji' formed on previous sessions candle suggests indecision.
The pair is trading in a sloping channel pattern and is consolidating break below 200-DMA.
Technical indicators are inconclusive. RSI is flat and well below 50 mark, while Stochs are showing a rollover from oversold levels.
Close below 5-DMA (8103) will see some weakness. Next major support lies at 7700 mark ahead of 7455 (channel base).
On the flipside, we see strong resistance at 8600 (nearly converged 200-DMA, 20-DMA and 21-EMA).
Decisive break above will see upside resumption. Major hurdles on the upside align at 9000, 9345 (55-EMA) and 9543 (50-DMA).
<Copyright © TokenPost. All Rights Reserved. >