Crypto Technicals: BTC/USD extends weakness, threatens to breach 7700 mark

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 7740 (55W EMA); Resistance: 8058 (5-DMA)

Technical Analysis: Bias Bearish

BTC/USD is consolidating previous session's slump, breach at 7700 mark will plummet prices.

The pair was trading 0.33% higher on the day at 7887 at 04:00 GMT, bias remains bearish.

After extending consolidation along 200-DMA resistance, the pair broke below 5-DMA.

Price is now extending weakness below 5-DMA which has now turned northward.

Technical studies are strongly bearish despite oscillators being at oversold levels.

Volatility is rising on the weekly charts raising scope for more downside.

Strong support is seen at 55W EMA at 7740. Breach below will accentuate weakness.

Next major bear targets lie at 7500 (channel base), 7231 (61.8% Fib) and then 6600 (May 17 low),

5-DMA is immediate resistance at 8058. Bearish invalidation only above 200-DMA.

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