Crypto Technicals: BTC/USD stalls downside at 20-DMA, 'Hammer' formation raises scope for upside

BTCUSD Chart -Trading View

Exchange - Coinbase

Support: 11086 (5-DMA); Resistance: 12907 (Upper BB)

Technical Analysis: Bias Neutral

BTC/USD extends retrace above 11,000 mark, breaks above 5-DMA.

The pair has paused downside at 20-DMA support, scope for upside resumption.

'Hammer' formation at lows raises scope for upside in the pair.

RSI is showing a turn higher, but 5-DMA is still biased lower.

Major trend in the pair has been bullish and pullback seems to have stalled at 20-DMA.

We would advise waiting for confirmation on technical indicators to confirm resumption of upside.

Breach below 20-DMA will see further weakness.

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