Crypto Technicals: BTC/USD consolidates ‘Symmetric Triangle’ breach, eyes 21W EMA at 8966

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Crypto Technicals: BTC/USD consolidates ‘Symmetric Triangle’ breach, eyes 21W EMA at 8966

BTC/USD chart – Trading View

Exchange – Coinbase

Support: 8966 (21W EMA); Resistance: 9846 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD trades in a narrow range, largely muted at 9481 at 05:15 GMT.

The pair has hit 4-week lows at 9321 on Thursday’s trade, bias remains bearish.

Technical indicators suggest weakness for the pair. Stochs and RSI are sharply lower.

MACD and ADX support downtrend. ‘Symmetric Triangle’ breach keeps bearish pressure.

That said, volatility is low on the intraday charts. Oscillators are at oversold levels which could see some pullback.

110-EMA (9522) is immediate resistance. Break above could see test of 5-DMA at 5845. Breakout at 50-DMA required for upside continuation.

Resumption of weakness will see test of 9108 (July 28 low) ahead of 8966 (21W EMA).

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