Bitcoin Technical Analysis: BTC/USD shows short-term bearish sentiment

BTC/USD Daily Chart

• BTC/USD went down from $5,158 to $5,133 this Monday.
• The price is trending below the 20-day simple moving average (SMA 20) curve while it is still above the SMA 50 and SMA 200 curves.
• The market broke below the support provided by the upward trending line.
• The price is currently consolidating in a flag formation.
• Critical support lies at $5,040.
• The signal line is diverging away from the moving average convergence divergence (MACD) line showing increasing bearish momentum.

BTC/USD 4-Hour Chart

• The 4-hour chart shows that the price is trending horizontally.
• BTC/USD has broken below the green cloud of the Ichimoku indicator, which is a bearish sign.
• The relative strength index (RSI) indicator is currently trending at 39.

BTC/USD Hourly Chart

• The hourly BTC/USD shows decreasing market volatility as per the 20-day Bollinger band.
• The SMA 50 has crossed over the SMA 20 curve which is a bearish sign.
• The Elliot wave oscillator shows three consecutive bearish sessions.
• The short-term sentiment of the market looks bearish.

Key Levels