Crypto Technicals: BTC/USD rejected at 21-EMA, invalidates scope for upside

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7231 (61.8% Fib); Resistance: 7578 (21-EMA)

Technical Analysis: Bias bearish

BTC/USD was rejected at 21-EMA resistance (currently at 7578) on Monday's trade.

The pair was trading largely muted at 7375 at 04:00 GMT, after closing 2.43% lower in the previous session.

Price action has slipped below 5-DMA (7455) and is hovering around 20-DMA support at 7378.

Major trend has always been bearish and rejection at 21-EMA has dented scope for any upside.

Volatility is low and RSI and Stochs are biased lower. MACD is well in the negative territory.

The pair has broken below 200H MA support (currently at 7388), scope for test of channel base at 7375.

5-DMA is immediate resistance at 7453. Break above 21-EMA required for near-term upside.

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