Bitcoin Technical Analysis: Bulls fail at $5,500 as price goes down to $5,425

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BTC/USD Daily Chart

  • BTC/USD went down from $5,545 to $5,428 this Wednesday.
  • The market charts a triangle formation from which it has had a bearish breakout.
  • Bulls have to defend $5,345 support line to prevent any further descent.
  • The market is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
  • The signal line is diverging slightly away from the MACD line to indicate an increase in bearish momentum.

BTC/USD 4-Hour Chart

  • The Ichimoku indicator shows that the current market sentiment is bearish.
  • The Elliot wave oscillator shows six consecutive bearish sessions.
  • The second last session found support on the upward trending line.

BTC/USD Hourly Chart

  • The BTC/USD hourly market is trending above the SMA 200 curve.
  • The market is trending below both the SMA 20 and SMA 50 curves.
  • The relative strength index (RSI) curve has turned towards the oversold territory.
  • The market is trending in the middle of the 20-day Bollinger band.

Key Levels

 

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