Crypto Technicals: BTC/USD breaks 55W EMA support, could slip below $7000 mark

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7174 (50W MA); Resistance: 7922 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is consolidating previous session's slump, bias strongly bearish.

The pair was trading at 7618 at 04:35 GMT, largely muted at the time of writing.

Price action has broken below 55W EMA support (7933) opening up downside for the pair.

Technical indicators are strongly bearish. MACD and ADX support downside. Momentum strongly bearish.

The pair finds immediate supports at 7231 (converged 61.8% Fib and trendline), 7174 (50W MA) and 6884 (110W EMA).

5-DMA which is sharply lower at 7921 is immediate resistance. Break above could see minor upside.