Crypto Technicals: BTC/USD finds major support at 55W EMA (7762), break below to plummet prices

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7762 (55W EMA); Resistance: 8229 (20-DMA)

Technical Analysis: Bias Bearish

BTC/USD is trading in a narrow range as we head into the European session.

The pair closed 2.07% lower on Wednesday's trade and technical studies still support weakness.

Major support is seen at 55W EMA (currently at 7762). The pair has held above for the past 3 weeks.

Momentum with the bears. Break below 55W EMA will accentuate weakness.

Next major support aligns at 61.8% Fib at 7231 ahead of channel base at 6855.

On the flipside, 5-DMA is immediate resistance at 8152. Retrace above 20-DMA (8229) could see further upside.

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