Crypto Technicals: BTC/USD bounces off channel base (7700), retrace above 200-DMA to see more upside

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 8241 (5-DMA); Resistance: 9160 (21-EMA)

Technical Analysis: Bias Neutral, turning slightly bullish

BTC/USD has bounced off channel base support at 7700 raising scope for further upside.

The pair is extending previous sessions gains, was trading at 8444, up 1.68% at 03:50 GMT.

Stochs and RSI are on verge of rollover from oversold levels and 5-DMA is showing a turn higher.

Price action hovers around 200-DMA at 8441. Break above will see extension of upside.

Next major resistance above 200-DMA lies at 9160 (nearly converged 21-EMA and 23.6% Fib).

5-DMA is immediate support at 8241. Rejection at 200-DMA and break below 5-DMA will see dip till channel base at 7585.

TokenPost | [email protected]