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  • BTC/USD technical analysis shows that the market has been taken over by the bears
  • Critical $3,345 support line to be tested soon.

BTC/USD technical analysis shows that the market is heading towards a bearish breakout. The bulls will need to rally and defend the $3,345 support line.

BTC/USD daily chart

  • 20-day simple moving average (SMA 20) and SMA 50 are trending above the market indicating bearish behavior.
  • SMA 20 got crossed over by SMA 50 which is a sell sign.
  • Relative strength index (RSI) creeping towards oversold territory.
  • Bulls need to break past resistance provided by the downward trending line in the short-term.

BTC/USD 4-hour chart

  • Bearish flag formation with a bearish breakout.
  • The last few sessions are floating a little above the lower curve of the 20-day Bollinger band which indicates that the bulls are trying to fight back.

BTC/USD hourly chart

  • Multiple bearish flags are present throughout the chart.
  • Bulls need to fight and defend the $3,345 support line.

Key Levels

  • Resistance 3:  $3,405.16
  • Resistance 2:  $3,393.36
  • Resistance 1:  $3,376.09
  • Pivot Point:  $3,364.30
  • Support 1:  $3,347.03
  • Support 2:  $3,335.24
  • Support 3:  $3,317.97