Crypto Technicals: BTC/USD correction likely to be shallow, watch out for break above 200-DMA for bullish continuation

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Turning slightly bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High

Support: 8508 (5-DMA); Resistance: 9074 (200-DMA)

BTC/USD is showing a minor correction as oscillators correct from overbought levels.

The pair was trading 2.00% lower at 8633 at around 03:45 GMT, after closing largely muted with a dragonfly Doji formation in the previous session.

Technical studies are strongly bullish. Correction may not be deep as the pair finds strong support at 8200-8000 zone.

Price action has broken above 20W MA and break above 200-DMA (9074) will see bullish continuation.

200-DMA breakout raises scope for test of 11026 (61.8% Fib). Breach below 8000 could change near-term dynamics.

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