BTC/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bullish
GMMA Indicator: Major Trend - Turning slightly bullish; Minor Trend - Bullish
Overbought/ Oversold Index: Overbought
Volatility: High
Support: 8508 (5-DMA); Resistance: 9074 (200-DMA)
BTC/USD is showing a minor correction as oscillators correct from overbought levels.
The pair was trading 2.00% lower at 8633 at around 03:45 GMT, after closing largely muted with a dragonfly Doji formation in the previous session.
Technical studies are strongly bullish. Correction may not be deep as the pair finds strong support at 8200-8000 zone.
Price action has broken above 20W MA and break above 200-DMA (9074) will see bullish continuation.
200-DMA breakout raises scope for test of 11026 (61.8% Fib). Breach below 8000 could change near-term dynamics.
