Crypto Technicals: BTC/USD finds strong support at 200H MA (9649), break below could change near-term dynamics

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

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

Overbought/ Oversold Index: Overbought, on verge of rollover into neutral

Volatility: High

Support: 9649 (200H MA); Resistance: 9891 (5-DMA)

BTC/USD is extending weakness for the 2nd straight session, intraday bias is slightly bearish.

The pair was trading 1.39% lower on the day at 9714 at 04:00 GMT, after closing 3.11% lower in the previous session.

Price action has slipped below 5-DMA and is now close to major support at 200H MA at 9649.

Major trend is bullish, however, break below 200H MA could change near-term dynamics.

Dip till 21-EMA at 9351 then likely. Break below 200-DMA (currently at 8857) will invalidate any further bullishness.

Bounce off 200H MA and resumption of upside momentum will see test of 61.8% Fib at 11,026.

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