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Bitcoin Technical Analysis: Bulls must rally together and protect $5,045 support line

FX Street
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BTC/USD Daily Chart

  • BTC/USD fell from $5,084 to $5,074  as markets opened this Saturday.
  • The daily chart shows that the price is currently consolidating in the flag formation before a potential breakout.
  • The market is trending above both the 200-day simple moving average (SMA 200) and SMA 50 curves.
  • Bulls need to protect critical $5,045 support line to prevent further downward movement.
  • The relative strength index (RSI) indicator is trending right at the edge of the overbought zone.

BTC/USD 4-Hour Chart

 

  • The 4-hour BTC/USD chart is trending horizontally in a channel.
  • The Elliot wave oscillator shows that the bulls are trying to rally back against the current bearish sentiment of the market.

BTC/USD Hourly Chart

  • The 20-day Bollinger band is narrowing in the BTC/USD hourly chart, which indicates that market volatility is decreasing.
  • The second last session was bearish enough to bring the price down to the SMA 20 curve where it found support and bounced back up.
  • The signal line was about to converge with the MACD line, but it has since diverged, and the two lines have been trending parallelly for quite some time.  

Key Levels

 

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