Crypto Technicals: BTC/USD breaks crucial 200-DMA support, more weakness on charts

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7700 (Channel base); Resistance: 8352 (200-DMA)

Technical Analysis: Bias Bearish

Bitcoin has breached crucial 200-DMA support to close below on Thursday's trade.

BTC/USD hit 3-month lows at 7712.45, lowest since June 12, before paring losses to close at 8060.

Technical indicators are biased lower, momentum with the bears, further weakness likely.

Oscillators are in extreme oversold territory, but no signs of pullback yet.

The pair is trading in a sloping channel pattern and finds strong support at 7700 level (channel base).

Breach at channel base will drag the pair lower. Next major support lies at 61.8% Fib at 7231.40.

21H EMA is immediate resistance at 8123. Retrace above 200-DMA (8352) will negate near-term bearishness.

TokenPost | [email protected]