Crypto Technicals: BTC/USD extends weakness below $7000 mark, eyes channel base at $6300

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6300 (Channel Base); Resistance: 6868 (110W EMA)

Technical Analysis: Bias Bearish

BTC/USD has opened the week on a bearish note after closing over 18% lower on the previous week.

The pair is extending weakness below 110W EMA average (6868), bias strongly bearish.

Major and minor trend are now bearish as evidenced by downward sloping short and long term MAs in the GMMA indicator.

Volatility is rising on the daily charts, technical indicators are strongly bearish.

The pair is on track to test immediate support at channel base at 6300. Breach below will open up further downside.

110W EMA is immediate resistance at 6868. Retrace above will see consolidation.

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