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Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness

Monday, February 17, 2020 10:02 AM UTC

BTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

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

Overbought/ Oversold Index: Neutral

Volatility: High

Support: 9692 (21-EMA); Resistance: 10050 (5-DMA)

BTC/USD was trading 1.07% lower on the day at 9815 at around 09:45 GMT.

The pair is correcting lower as oscillators rollover from overbought levels.

5-DMA has turned South and is offering immediate resistance at 10050. Retrace above could see upside resumption.

MACD is showing a bearish crossover on signal line. Price action is extending weakness after Doji formation in the previous session.

Further, 'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the hourly charts, dents upside.

21-EMA currently offers strong support at 9692. Break below will see further weakness.

Next major support aligns at 38.2% Fib at 9271 ahead of 200-DMA at 8870.

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Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness

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