Crypto Technicals: BTC/USD holds above 55W EMA (7952), 'Hammer' formation raises scope for recovery

BTC/USD chart - Trading View 

Exchange - Coinbase

Support: 7952 (55W EMA); Resistance: 8281 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is trading largely muted in the Asian session today with session high at 8149 and low at 8088.

The pair has held above 55W EMA which is major support at 7952.

Price action has edged higher from 4-week lows at 7980 to close 0.56% lower at 8123 on Tuesday's trade.

A 'Hammer' formation at lows raises scope for further recovery. That said, technical indicators are still bearishly aligned.

Stochastics oscillator at oversold levels and 'Bullish Divergence' on the hourly charts may support some upside traction.

Watch out for break above 5-DMA (8280) for minor upside. Next resistance lies at 8510 (200H SMA).