Bitcoin Technical Analysis: Bulls fail at $5,500 as price goes down to $5,425

BTC/USD Daily Chart

• BTC/USD went down from $5,545 to $5,428 this Wednesday.
• The market charts a triangle formation from which it has had a bearish breakout.
• Bulls have to defend $5,345 support line to prevent any further descent.
• The market is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
• The signal line is diverging slightly away from the MACD line to indicate an increase in bearish momentum.

BTC/USD 4-Hour Chart

• The Ichimoku indicator shows that the current market sentiment is bearish.
• The Elliot wave oscillator shows six consecutive bearish sessions.
• The second last session found support on the upward trending line.

BTC/USD Hourly Chart

• The BTC/USD hourly market is trending above the SMA 200 curve.
• The market is trending below both the SMA 20 and SMA 50 curves.
• The relative strength index (RSI) curve has turned towards the oversold territory.
• The market is trending in the middle of the 20-day Bollinger band.

Key Levels