Crypto Technicals: BTC/USD hovers around $7000 mark, bearish momentum intact

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6600 (May 17 low); Resistance: 7260 (200H MA)

Technical Analysis: Bias Bearish

BTC/USD was trading 0.73% lower at 7058 at 05:00 GMT after closing 0.68% higher in the previous session.

Technical indicators are bearishly aligned with no major signs of recovery. Bearish momentum in the pair remains intact.

Price action is holding above $7000 mark, bears likely to take the pair lower as price action continues in sloping channel pattern.

The pair looks set to test fresh lows, next major support lies at 6600 (May 17 low) ahead of 5663 (76.4% Fib).

5-DMA is immediate resistance at 7133. Break above could see test of 20-DMA at 7343. Break above 21-EMA to see upside continuation.

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