Crypto Technicals: BTC/USD extends weakness for the 2nd straight session, slips below 110-EMA (8007)

BTC/USD chart - Trading View 

Exchange - Coinbase

Technical Analysis: Bias Neutral

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

Overbought/ Oversold Index: Oversold, on verge of rollback into neutral

Support: 7602 (55-EMA); Resistance: 8007 (110-EMA)

BTC/USD is extending weakness for the 2nd straight session after spinning top formation on the previous day's candle.

The pair was trading 1.39% lower at 7934 at around 06:30 GMT, after closing 1.39% lower in the previous session.

Price action has retraced below 110-EMA (8007) and is currently hovering above 5-DMA support (7852).

Oscillators are at overbought territory on verge of rollback into neutral. Bearish RSI and Stochastics divergence on the hourly charts raises scope for near-term weakness.

Major trend is bearish. 55-EMA is strong support at 7602. Break below will see resumption of weakness.