Crypto Technicals: Bitcoin trades below $8000 mark, close below 21-EMA eyes $6900

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7683 (23.6% Fib); Resistance: 8359 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD extends weakness for the second straight session, slips below $8000 mark.

The pair was trading at 7880, down 2.8% at 08:30 GMT, bias remains bearish.

Price action has broken strong support at 21-EMA, close below will confirm further downside.

'Bearish divergence' on RSI and stochs adds to the downside bias.

Stochs and RSI are sharply lower and MACD shows bearish crossover on signal line.

The pair is holding above 7700, just shy of 23.6% Fib at 7683. Break below eyes next major support at 55-EMA at 6900.

Failure to close below 21-EMA will see consolidation around current levels.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.