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BTC/USD Technical Analysis: Bulls lose out as Bitcoin breaks below $5,000

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BTC/USD Daily Chart

  • BTC/USD went down from $5,043 to $4,940  in the early hours of Friday.
  • BTC/USD was trending in a channel before having a bearish breakout this Thursday.
  • The market is trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 200 curves.
  • The signal line has taken a turns and is about to converge with the moving average convergence divergence (MACD) line in the MACD indicator. This indicates decreasing bullish momentum.

BTC/USD 4-Hour Chart

  • The 4-hour BTC/USD price broke through the support provided by the long-running upward trending line.
  • The Elliot wave oscillator has had seven consecutive bearish sessions.
  • The Ichimoku indicator shows that further bearish movement is expected in the future.

BTC/USD Hourly Chart

  • The hourly BTC/USD chart forms a triangle pattern from which the market has had a bearish breakout.
  • The price has plummeted  below the lower band of the 20-day Bollinger band.
  • The relative strength index (RSI) indicator has crept into the oversold territory.

Key Levels

 

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