Bitcoin Technical Analysis: BTC/USD shows short-term bearish sentiment

Rajarshi Mitra Independent Analyst

BTC/USD Daily Chart

BTC/USD went down from $5,158 to $5,133 this Monday.
The price is trending below the 20-day simple moving average (SMA 20) curve while it is still above the SMA 50 and SMA 200 curves.
The market broke below the support provided by the upward trending line.
The price is currently consolidating in a flag formation.
Critical support lies at $5,040.
The signal line is diverging away from the moving average convergence divergence (MACD) line showing increasing bearish momentum.

BTC/USD 4-Hour Chart

The 4-hour chart shows that the price is trending horizontally.
BTC/USD has broken below the green cloud of the Ichimoku indicator, which is a bearish sign.
The relative strength index (RSI) indicator is currently trending at 39.

BTC/USD Hourly Chart

The hourly BTC/USD shows decreasing market volatility as per the 20-day Bollinger band.
The SMA 50 has crossed over the SMA 20 curve which is a bearish sign.
The Elliot wave oscillator shows three consecutive bearish sessions.
The short-term sentiment of the market looks bearish.

Key Levels

BTC/USD

Overview
Today last price	5136.77
Today Daily Change	-20.52
Today Daily Change %	-0.40
Today daily open	5157.29

Trends
Daily SMA20	5224.43
Daily SMA50	4624.06
Daily SMA100	4135.62
Daily SMA200	4516.15

Levels
Previous Daily High	5213.92
Previous Daily Low	5101.86
Previous Weekly High	5632.53
Previous Weekly Low	4968.39
Previous Monthly High	4130.71
Previous Monthly Low	3672.34
Daily Fibonacci 38.2%	5144.67
Daily Fibonacci 61.8%	5171.11
Daily Pivot Point S1	5101.46
Daily Pivot Point S2	5045.64
Daily Pivot Point S3	4989.41
Daily Pivot Point R1	5213.51
Daily Pivot Point R2	5269.74
Daily Pivot Point R3	5325.57

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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