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  • BTC/USD bears currently have a stranglehold on the market.
  • The MACD shows increasing bearish momentum.
  • William’s %R has dipped from the overbought zone to the neutral zone following bearish price action.

BTC/USD daily chart

BTC/USD daily chart

The bears have taken full control of the market, as the price dropped from $9,792.80 to $9,403. In the process, they are looking to negate all the positive gains made by the bulls this Thursday. The 20-day Bollinger jaw is decreasing, which shows that the price volatility is decreasing. The MACD has started to diverge from the signal line again, which shows that the bearish momentum is increasing. William’s %R has dipped from the overbought zone to the neutral zone following bearish price action.

On the upside, the buyers face two strong resistance levels at $9,620 and $9,775. On the downside, the bears will want to aim for the $9,174.45 and $8,825 support levels to continue the downward movement.

Key levels