Crypto Technicals: BTC/USD bounces off channel support, set to retest 200-DMA (8916)

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias turning Bullish

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

Overbought/ Oversold Index: Neutral

Volatility: Rising

Support: 8480 (20-DMA); Resistance: 8916 (200-DMA)

BTC/USD has bounced off channel top support, suggesting a halt in the correction.

The pair was trading 0.73% higher on the day at 8658 at 04:10 GMT, bias bullish.

Price action has held above 21-EMA support and has retraced above 200H MA resistance at 8554.

Volatility is rising, RSI has turned and Stochastics RSI is on verge of rollover from oversold levels.

Major trend has shifted to bullish and weakness minor trend has paused and is shifting bullish as indicated by GMMA indicator.

The pair is on track to test 200-DMA at 8916. Breakout above will see upside continuation.

Next major resistances align at 38.2% Fib at 9271 ahead of upper Bollinger band (weekly) at 9846.

Strong support lies at 8480 (nearly converged 5 and 20 DMAs). Break below channel top support (8185) to negate near-term bullishness.

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