Crypto Technicals: BTC/USD trades rangebound, watchout for break below 55-EMA for downside resumption

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

GMMA Indicator: Major Trend - Bearish; Minor Trend - Neutral

Overbought/ Oversold Index: Neutral

Support: 7605 (55-EMA); Resistance: 7908 (5-DMA)

BTC/USD extends trade in an extremely narrow range in the early Asian session with highs at 7845 and lows at 7763.

The pair is extending weakness for the 3rd straight session and price action has slipped below 5-DMA.

Upside was capped below cloud with spinning top formation at highs and Thursday's candle confirmed weakness.

Oscillators have rolled back into neutral territory and are now biased lower, 5-DMA is yet to turn.

Major trend is bearish. 55-EMA is strong support at 7605. Break below will see resumption of weakness.

Next major support lies at 7327 (nearly converged cloud base and 50-DMA). Breach below will open further downside.

5-DMA is immediate resistance at 7908. Upside continuation only on breakout above daily cloud.

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