Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
Thu, 12 Dec 2019, 04:30 am UTC
BTC/USD chart - Trading View
Exchange - Coinbase
Support: 6963 (Lower BB); Resistance: 7287 (5-DMA)
Technical Analysis: Bias Bearish
BTC/USD was trading 0.73% lower on the day at 7151 at 04:10 GMT after closing 0.25% lower in the previous session.
The pair retains the bearish bias for the day, extends grind below downward sloping 5-DMA to hit 2-week lows at 7075.
Rejection at 21-EMA and gradually rising volatility with bearish technical indicators ensures more weakness for the pair.
Immediate support lies at lower Bollinger band at 6963. Further weakness will see test of 7.4% Fib at 5663.
5-DMA is immediate resistance at 7285. Break above 21-EMA at 7496 could change near-term dynamics.
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