Crypto Technicals: Bitcoin plunge finds support at 200-DMA, break below will see drag till $7745

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 8311 (200-DMA); Resistance: 8995 (21H-EMA)

Technical Analysis: Bias Bearish

Bitcoin plunged overnight amid massive liquidation of long positions on BitMex.

BTC/USD crashed below 200-DMA to hit 8159, lowest since 14th June, pared some losses to close at 8530 (Coinbase).

The pair is attempting a tepid bounce on the day, but upside seems to lack traction. Technical studies suggest further drag in the pair.

'Symmetric Triangle' breach further adds to the bearish pressure. Momentum strongly bearish.

Price action now looks to support at 200-DMA (8311). Break below will see dip till 7745 (55W EMA).

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