Crypto Technicals: BTC/USD holds trendline support, however, recovery likely to be limited

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 6475 (Trendline); Resistance: 6716 (21H EMA)

Technical Analysis: Bias Bearish

BTC/USD was extending marginal gains in the Asian session, after closing around 4% lower in the previous session.

The pair was trading at 6665 at 04:30 GMT, up 0.71% at the time of writing, bias still bearish.

Back-to-back 'Dojis' at lows on the 2H charts raises scope for further upside. But, recovery lacks traction.

Recovery likely to be limited. Price action lacks technical support, finds strong resistance at 6866 (5-DMA), 7250 (20-DMA).

That said, break above 21H EMA (6715) could see minor gains till 6868 (5-DMA).

Volatility is rising and resumption of weakness will see next major support at 5663 (76.4% Fib). Near-term upside only above 20-DMA (7250).

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