BTC/USD Technical Analysis: Bears have control as bulls attempt comeback
|BTC/USD Daily Chart
- BTC/USD went down from $5,140 to $5,128 as markets opened this Friday.
- This Thursday’s session took the price below the 20-day simple moving average (SMA 20) curve.
- The market is still trending above the SMA 200 and SMA 50 curves.
- The signal line is diverging away from the MACD line signaling increasing bearish momentum.
- Immediate resistance and support lie at $5,140 and $5,045 respectively.
BTC/USD 4-Hour Chart
- The 4-hour BTC/USD price is trending inside the green cloud of the Ichimoku indicator.
- The Elliot Wave indicates that market sentiment is currently heavily bearish.
- The relative strength index (RSI) indicator has now moved into the oversold territory.
- The latest sessions are all trending below the 20-day Bollinger band.
- The widening of the Bollinger band indicates increasing market volatility.
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