Crypto Technicals: BTC/USD recovery lacks traction, 55-EMA at 7073 in sight

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7073 (55-EMA); Resistance: 8159 (20-DMA)

Technical Analysis: Bias Bearish

BTC/USD recovery from 3-week lows at 7427 lacks traction.

The pair is struggling to break above 21-EMA resistance, bias has turned bearish.

Price action has slipped below 4H 200-SMA and volatility is rising on the daily charts.

RSI has slipped below 50 mark on the daily charts and Stochs show bearish momentum.

Stochs and RSI and the Stochastics RSI on the weekly charts are at overbought levels and on verge of a bearish rollover.

'Bearish Divergence' on RSI and Stochs on the daily charts adds to the bearish bias.

Scope for test of 55-EMA at 8159. Violation there will see next support at 38.2% Fib at 6812.

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